Nickel futures slightly up on local, overseas trend

Robust domestic demand and firm trend at the London Metal Exchange (LME), helped nickel futures to trade 0.68 per cent higher at Rs 1,194.50 per kg today.

Nickel for delivery in January traded Rs 10.10, or 0.68 per cent higher, to Rs 1,194.50 per kg, with a trade turnover of 11 lots.

Similarly, the metal for delivery in February also moved up by Rs 7.40, or 0.62 per cent, to Rs 1,201.70 per kg, with a business turnover of two lots.

At the LME, nickel climbed 0.4 per cent to $26,200 per tonne.

Market analysts said beside rising demand at the domestic market from alloy makers, firming trend in base metals overseas, as economic recovery raised demand outlook for the metals, influenced the nickel futures here.