Nickel prices surge on listless trade, global cues

Nickel prices surged in an otherwise listless non-ferrous metal market here today on heavy stockists buying coupled with good demand from alloy industries on the back of higher London Metal Exchange cues.
Elsewhere select copper also gained on good buying.
Meanwhile, tin and aluminium ingots declined owing to lower offtake from industrial users.
The industrial metals gained in the early trade at the London Metal Exchange on lower dollar as well as Chinese decision to remove controls on bank lending rates to revive slowdown in economy.
Nickel spurted by Rs 10 per kg to Rs 985 from last Saturday's closing level of Rs 975.

Copper cable scrap and copper wire bar also edged up by Rs 2 per kg to Rs 487 and Rs 515 from Rs 485 and Rs 513 previously.
However, tin dropped by Rs 5 per kg to Rs 1,360 from last weekend's level of Rs 1,365 and Aluminium ingots eased by Rs 2 per kg to Rs 142 from 144.