Nickel futures gain 1.16% on global cues, spot demand

Nickel prices moved up by 1.16 per cent to Rs 696.70 per kg in futures trading today as traders participants widened their bets, driven by a firm global trend and pick up in demand in the spot market.
At the Multi Commodity Exchange, nickel for delivery in August rose by Rs 8 or 1.16 per cent to Rs 696.70 per kg in business turnover of 847 lots.
Likewise, the metal for delivery in September traded higher by Rs 7.70 or 1.11 per cent to Rs 702.60 per kg in 11 lots.
Analysts attributed the rise in nickel futures to widening of positions by participants on the back of firm global trend where it rebounded from the lowest closing price in a month as UBS Group said the full impact of mine shutdowns in the Philippines is still to come.

Globally, nickel for delivery in three month advanced 2 per cent to USD 10,510 per metric tonne on the London Metal Exchange.
Besides, pick up in demand from alloy-makers in the spot market supported the upside, they said.