Nickel up by 1.24% on global cues, firm domestic demand

Nickel prices were up sharply by 1.24% to Rs 801 per kg in futures market today after speculators widened their commitments, tracking a firming trend overseas amidst rising demand from alloy makers in the spot market.

Nickel for delivery in June month contracts gained Rs 9.80, or 1.24%, to Rs 801 per kg in a business turnover of 1,488 lots at the Multi Commodity Exchange.

In a similar manner, the metal for delivery in July rose Rs 9.75, or 1.23%, to Rs 808 per kg in 119 lots.

In the international market, nickel rose 1.9% to $12,650 per tonne on the London Metal Exchange (LME).

Analysts said besides increased domestic demand from alloy makers and other consuming industries, a firming trend in the base metals pack at the LME as manufacturing in China showed signs of stabilising and amid speculation a deal is near between Greece and its euro-area creditors, influenced nickel futures here.