Nickel futures up 1.39 % on firm spot demand, global cues

Nickel prices went up by 1.39 per cent to Rs 1,009.60 per kg in futures trade today as speculators raised bets, taking positive cues from global markets amid pick-up in demand at the domestic spot market.

At the Multi Commodity Exchange, nickel for delivery in current month spurted Rs 13.80, or 1.39 per cent, to Rs 1,009.60 per kg, in a business turnover of 882 lots.

The metal for delivery in June was trading higher by Rs 12.50, or 1.25 per cent, to Rs 1,013.10 per kg in 190 lots.

Analysts said, expansion of positions by speculators taking positive cues from global markets supported the uptrend in nickel futures here. Besides, strong demand from alloy-makers at the domestic markets also contributed to the rise in prices, they added.

Globally, three-month nickel on the London Metal Exchange was up by 1.1 per cent at USD 14,940 per tonne, while the most-traded July nickel contract on the Shanghai Futures Exchange rose as much as 2.4 per cent to 112,500 yuan (USD 17,558.37) a tonne.