Nickel futures rise 1.30% on global cues, spot demand

Supported by firm global cues and pick up in demand at the domestic spot market, nickel prices hardened by 1.30 per cent to Rs 850.60 per kg in futures trade today as speculators built up fresh positions.

At the Multi Commodity Exchange, nickel for delivery in March rose by Rs 10.90, or 1.30 per cent, to Rs 850.60 per kg in a business turnover of 1985 lots.

Similarly, the metal for delivery in April contracts was trading higher by Rs 11, or 1.30 per cent, to Rs 854.60 per kg in 312 lots.

Market analysts said fresh positions created by participants following a firm trend in base metals in global markets backed by a rebound in equities on hopes that a trade war between top metals consumer China and the United States may be avoided, boosted nickel prices in futures trade.

A pick up in demand from alloy-makers at domestic spot market too fulled the uptrend, they said.