Nickel up by 0.5% on spot demand

A firm global trend in the domestic markets also helped prices

Nickel prices were up by 0.49% to Rs 575.40 per kg in futures trade today on pick up in demand from consuming industries in the spot market amid a firm global trend.

At the Multi Commodity Exchange, nickel for delivery in current month moved up by Rs 2.80 or 0.49% to Rs 575.40 per kg in business turnover of 213 lots.

Also, the metal for delivery in March month contracts gained Rs 2.80 or 0.48% to Rs 581.20 per kg in 10 lots.

Besides pick-up in demand from domestic industries, a firm trend at the London Metal Exchange (LME) where most industrial metals gained with optimism that demand will recover in China after the government signaled increased support for the economy through higher spending and new measures to boost bank lending, led to rise in nickel prices at futures trade here.

China is the world's largest consumer of industrial metals.