Nickel futures gain 1.44% on spot demand, global cues

Amid pick up in demand from consuming industries at the domestic spot markets and firm global cues, nickel prices traded higher 1.44 per cent to Rs 661 per kg in futures trade today.
At the Multi Commodity Exchange, nickel for delivery in September moved up by Rs 9.40, or 1.44 per cent, to Rs 661 per kg, in a business turnover of 2,552 lots.
Metal for delivery in October too traded higher by at a similar margin to trade at Rs 666.90 per kg in 111 lots.
Analysts said besides pick up in demand alloy-makers in the spot market and a firm trend in select base metals in global markets, mainly attributed the rise in nickel prices at futures trade.

Globally, nickel for three-month delivery surged 2 per cent at the London Metal Exchange (LME) after a 6.2 per cent weekly slide.