Nickel spurts on sustained demand, global cues

Nickel prices spurted in an otherwise lacklustre non-ferrous metal market here today on sustained stockists buying amid higher offtake from alloy industries driven a surge at the global level.
Elsewhere, select copper, brass, zinc and lead edged down on reduced demand from industrial users.
Nickel jumped to hit highest in 19 months at the LME in early trade amid heightened supply concerns as Vale halted processing at its Goro nickel plant in New Caledonia, coupling concerns over Indonesian and Russian supply.
Nickel surged by Rs 45 per kg to Rs 1,260 from Wednesday's closing level of Rs 1,215 and copper scrap heavy inched up by a Re per kg to Rs 488.

However, copper utensils scrap and brass utensils scrap moved down by Rs 2 per kg each to Rs 459 and Rs 348 as against Rs 461 and Rs 350 previously.
Copper sheet cutting, brass sheet cutting, zinc and lead also softened by a Re per kg each to Rs 477, Rs 359, Rs 173 and Rs 150 respectively.