Nickel up by 0.8% on positive global cues

Nickel prices rose 0.79% to Rs 680.10 per kg in futures trade today as speculators enlarged positions on positive cues from global markets.

Besides, increased demand from alloy-makers in the domestic spot market, supported the uptrend.

At the Multi Commodity Exchange, nickel for delivery in July traded higher by Rs 5.30, or 0.79%, to Rs 680.10 per kg, in a business turnover of 1,633 lots.

Similarly, the metal for delivery in August was trading higher by Rs 5.30, or 0.78%, to Rs 686 per kg in 57 lots.

Globally, nickel prices jumped 1.4% to $10,190 per tonne at the London Metal Exchange (LME).

Market analysts attributed the rise in nickel futures to a firm trend in global market after Goldman Sachs Group predicted an almost 20% jump in prices in the next six months because of supply cuts in Philippines, the biggest ore producer and pick up in demand from alloy-makers in the spot markets.