Overseas cues, spot demand lift nickel futures 1.39%

Nickel prices went up by 1.39 per cent to Rs 721.60 per kg in futures market today after speculators widened their positions, driven by a firming trend overseas and pick-up in demand at the domestic spot markets.
In futures trading at Multi Commodity Exchange, nickel for delivery in August spurted Rs 9.90, or 1.39 per cent, to Rs 721.60 per kg in a business turnover of 222 lots.
Similarly, the metal for delivery in July was trading higher by Rs 9.70, or 1.38 per cent, to Rs 713.70 per kg in 2,133 lots.
Analysts said besides rising demand from alloy-makers at domestic spot markets, a firming trend in base metals pack at the London Metal Exchange (LME) as China's government said it will continue to stabilise the stock market after shares slumped the most since 2007 on Monday.

Meanwhile, the plunge in Chinese stocks raised fresh concerns about slowing demand in the world's biggest metals consumer. The 8.5 per cent drop in the benchmark index prompted the securities regulator to say it will continue to stabilise the market and prevent systemic risk.
Globally, nickel climbed 1.5 per at the LME.