Nickel up over 1% on global cues

Pick up in demand from consuming industries also influenced prices

Nickel prices were up by over 1% at Rs 551.30 per kg in futures trade today on pick up in demand from consuming industries in the spot market amid a firm trend in base metals overseas.

At the Multi Commodity Exchange, nickel for delivery this month moved up by Rs 5.60, or 1.03%, to Rs 551.30 per kg in a business turnover of 1,849 lots.

Also, the metal for delivery in February gained Rs 5.30, or 0.96% to Rs 557.30 per kg in 84 lots.

Market analysts said besides pick-up in domestic demand from alloy-makers, a firm trend in copper and other base metals in the global market after positive Chinese trade data that showed exports unexpectedly rose in December, led to the rise in nickel prices at futures trade here.

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