Nickel futures rise on firm global cues

Nickel prices rose by Rs 4.90 to Rs 1,144.30 per kg in futures trading today as speculators indulged in enlarging their positions, buoyed by a firming global trend.

Increased demand from alloy-makers also supported the uptrend.

At the Multi Commodity Exchange, nickel for delivery in April rose by Rs 4.90, or 0.43%, to Rs 144.30 per kg, with a business turnover of two lots.

Similarly, the metal for delivery in May moved up by Rs 4.70, or 0.41%, to Rs 1,152.60 per kg, with an open interest of a single lot.

Market analysts said besides a firming trend overseas, increased offtake by alloy-makers helped nickel futures prices to move up.

Meanwhile, nickel added 0.4% to $ 25,595 a metric tonne on the London Metal Exchange.