Nickel up by 0.8% on global cues

Nickel prices moved up by 0.78% or Rs 7.50 to Rs 965.10 per kg in futures trade today as participants created speculative positions, driven by a firm global trend.

Further, rising demand from alloy-makers in domestic spot markets also influenced metal prices.

At the Multi Commodity Exchange, nickel for delivery in November month shot up by Rs 7.50, or 0.78%, to Rs 965.10 per kg in business turnover of 192 lots.

Also, the metal for delivery in October traded higher by Rs 7, or 0.74%, to Rs 958 per kg in 760 lots.

Globally, nickel for delivery in three months climbed 0.80% to $15,662 a tonne at the London Metal Exchange (LME).

Market analysts said speculators creating fresh positions in tandem with a firm global trend on speculation that lower prices will boost consumer buying and reduce production of a lower-grade alternative, mainly led to the rise in metal prices at futures trade.

Besides, firm demand from alloy-makers at the spot markets also supported the upside, they said.