Nickel up 1.2% on positive global cues

Nickel prices rose 1.25% to Rs 859.10 per kg in futures trade today as speculators enlarged positions on positive cues from global markets.

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

At the Multi Commodity Exchange, nickel for delivery in March was trading higher by Rs 10.60, or 1.25%, at Rs 859.10 per kg in a business volume of 1,378 lots.

On similar lines, the metal for delivery in April traded higher by Rs 10.40, or 1.21%, to Rs 867.30 per kg in 66 lots.

Analysts attributed the rise in nickel futures to a firm trend in the base metals pack at the London Metal Exchange and rising demand from alloy makers at domestic spot markets.