Nickel rises in futures trade on spot demand, global cues

Nickel prices rose 0.40 per cent to Rs 894.50 per kg in futures trading today as speculators enlarged their positions on firming trend in the global markets amid pick-up in demand from alloy-makers.
At the Multi Commodity Exchange, Nickel for delivery in February rose by Rs 3.60, or 0.40 per cent, to Rs 894.50 per kg in business turnover of 264 lots.
Similarly, the metal prices for delivery in March traded higher by Rs 3.40, or 0.38 per cent, to Rs 901.50 per kg in 17 lots.
Globally, nickel for delivery in three months added 0.3 per cent to USD 14,410 per tonne on the London Metal Exchange.

Market analysts said besides increased buying by speculators on pick-up in demand from alloy-maker in the spot market, a firming trend in the base metals overseas on speculation that a global surplus will shrink amid a ban on exports of unprocessed ore in Indonesia and as US manufacturing beat estimates, mainly led to rise in nickel futures.