Nickel futures rebound on firm spot demand

Nickel regained strength to trade 0.46% higher in futures trade today, largely buoyed by fresh demand at the spot markets, even as the metal weakened at the London Metal Exchange.

At the Multi Commodity Exchange, nickel for delivery in July rose by Rs 4.60, or 0.46%, to Rs 1,005 per kg, with a business turnover of 105 lots.

Likewise, the metal for delivery in June traded Rs 4.60, or 0.44%, higher at Rs 996.20 per kg, with an open interest of 706 lots.

Market analysts said the recovery in nickel futures was mostly due to increased demand from alloy makers at the spot markets. However, the metal's weakness at the London Metal Exchange capped the gains.

 

Meanwhile, nickel fell 0.8% to $21,950 a tonne on the London Metal Exchange.