Nickel futures up 0.53% on positive global cues, spot demand

Nickel prices edged higher 0.53 per cent to Rs 602.50 per kg in futures trade today as speculators raised their bets amid a firming trend in base metals overseas and pick-up in demand from alloy-makers at domestic spot markets.
At the Multi Commodity Exchange, nickel for delivery in April was trading higher by Rs 3.20, or 0.53 per cent, to Rs 602.50 per kg in a business turnover of 15 lots.
The metal for delivery in March rose by Rs 3.10, or 0.52 per cent, to trade at Rs 596.20 per kg in 604 lots.
Analysts attributed the rise in nickel prices in futures trade to widening of bets by participants, driven by a firming trend in base metals overseas after the dollar weakened and analysts in Australia said the worst of the commodities rout may be over and pick-up in demand from alloy-makers at the spot market.

Moreover, stimulus measures announced by the European Central Bank expected to help boost demand, too influenced metal prices at futures trade here.
Globally, nickel, the metal used to produce stainless steel, increased as much as 1 per cent to USD 8,840 per tonne at the London Metal Exchange.