Nickel up 0.5% on firm demand, global cues

Speculators build positions on higher offtake from alloy makers

Nickel prices moved up by 0.50 per cent to Rs 868.50 per kg in futures market today as speculators enlarged their positions, tracking a firming trend in spot market on increased demand from alloy-makers.
    
Besides, an encouraging trend in base metals in the global markets also supported the upside.
    
At the Multi Commodity Exchange, nickel for delivery in February gained Rs 4.10, or 0.50 per cent, to Rs 868.50 per kg in business turnover of 661 lots.
    

The March contract rose by Rs 4.10, or 0.147 per cent, to Rs 876 per kg in 48 lots.

    
Market analysts said apart from increased domestic demand from alloy-makers, firmness in the entire base metals pack at the London Metal Exchange also influenced nickel futures here.