Nickel strengthens on global cues, spot demand
Tracking firming trend in the entire base metals pack overseas and strong spot demand from alloy makers, nickel futures prices rose by 0.70% today.
At the Multi Commodity Exchange, November nickel traded higher by Rs 6.40, or 0.70%, to Rs 926.80 per kg, with a business turnover of 2,161 lots.
The December contract edged up by Rs 6.50, or 0.70%, to Rs 934.20 per kg, with a trade volume of 184 lots.
Nickel rose 2% to $18,710 a tonne at the London Metal Exchange (LME).
Market analysts said apart from a firming trend at the LME, pick-up in spot demand from alloy-makers also influenced the nickel prices in the futures market here.