Nickel futures gain slightly on overseas trend

Supported by firming trend overseas and strong spot demand, nickel futures traded 0.62 per cent higher today.

At the Multi Commodity Exchange counter, nickel for delivery in February traded Rs 7.50, or 0.62 per cent higher, to Rs 1,211 per kg, with a trade turnover of 386 lots.

Similarly, the metal for delivery in January also moved up by Rs 7, or 0.58 per cent, to Rs 1,203.60 per kg, with a business turnover of 2,603 lots.

Market analysts said besides firming trend in copper and other base metals on fading fears of China tightening monetary policy, and good demand for the metal from alloy makers at the local market influenced the nickel futures prices here.