Nickel futures rise on global cues

Buoyed by a firm global trend and strong demand at spot markets, nickel futures prices rose by Rs 32.40 per cent today.

At the Multi Commodity Exchange counter, nickel for delivery in February rose by Rs 32.40, or 3.09 per cent to Rs 1,082.40 per kg, while the metal for delivery in December was up by Rs 10.20, or 0.97 per cent to Rs 1,064.40 per kg.

Likewise, the metal for delivery in January gained Rs 9.70, or 0.91 per cent to Rs 1,074 per kg.

Market analysts said a firm trend in base metals at the London Metal Exchange (LME) as faster-than-expected manufacturing growth in China and increasing US consumer confidence boosted the outlook for the global economy, influenced nickel futures prices here.

Meanwhile, nickel was 0.2 per cent up at $23,100 a tonne on the LME.