Nickel futures up 0.52% on global cues, spot demand

Supported by a firming trend overseas and a pick-up in domestic spot demand, nickel futures rose by 0.52 per cent to Rs 1,080.90 per kg today.

Analysts said the trading sentiment was buoyed by the gains registered by base metals in global markets on the back of US dollar weakness, which raised the appeal of the raw material.

Strong demand from alloy makers in the spot market also influenced nickel prices in futures trade here, they said.
    
At the Multi Commodity Exchange counter, nickel contracts for November delivery gained Rs 5.60, or 0.52 per cent, to Rs 1,080.90 per kg, with a turnover of 61 lots.
    
In a similar fashion, nickel for October delivery also edged up by Rs 4.80, or 0.45 per cent, to Rs 1,073.30 per kg, with a business turnover of 1,623 lots.
    
Meanwhile, the London Metal Exchange's index of six metals today jumped by 1.1 per cent to its highest level since April.