Overseas cues, spot demand lift nickel futures over 4%

Nickel prices went up by 4.10 per cent to Rs 556 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 current month spurted Rs 17.90, or 4.10 per cent, to Rs 556 per kg, in a business turnover of 7,026 lots.
Similarly, the metal for delivery in March was trading higher by Rs 20.90, or 3.87 per cent, to Rs 560.90 per kg in 481 lots.
Analysts said besides rising demand from alloy-makers at domestic spot markets, a firming trend in metal at the London Metal Exchange (LME) supported the upside in nickel prices at futures trade here.

Globally, nickel, rose 3.8 per cent at the LME, advancing for a second day, after falling to USD 7,550 last week, the lowest since 2003.