Nickel up 0.3% on global cues, firm demand

Metal for delivery in October traded higher by 0.25%

Nickel prices rose by 0.32% to Rs 854 per kg in futures trade today, extending its rising streak, as speculators indulged in creating positions, supported by a firming trend in the overseas market and increased demand from domestic alloy-makers.

At the Multi Commodity Exchange, nickel for delivery in November gained Rs 2.70, or 0.32%, to Rs 854 per kg, with a business turnover of 13 lots.

Similarly, the metal for delivery in October traded higher by Rs 2.10, or 0.25%, to Rs 844.10 per kg, in a turnover of 628 lots.

Market  analysts said the rise in nickel futures prices was mostly attributed to a firming trend in base metals in global markets before the Chinese trade data that may show sustained demand from the biggest metals user and as US politicians continued talks to avoid a debt default.

Besides, rising demand at domestic markets from alloy-makers also boosted nickel prices at futures trade.