Nickel up 0.3% on global trend, spot demand

Metal for delivery in November traded higher by 0.34%

Nickel prices gained 0.37% to Rs 915.80 per kg in futures market today after participants enlarged positions, taking positive cues from overseas markets, amid pick-up in domestic demand.

At the Multi Commodity Exchange, nickel for delivery in December gained Rs 3.40, or 0.37%, to Rs 915.80 per kg, with a business turnover of eight lots.

The metal for delivery in November traded higher by Rs 3.10, or 0.34%, to Rs 909 per kg, with a turnover of 649 lots.

Marketmen said besides pick-up in spot demand from alloy-makers, a firming trend in copper and other base metals at the London Metal Exchange as China's manufacturing expanded more than estimated in October, boosting the demand outlook for the industrial metal in the world's biggest user, supported the upside in nickel futures.