Nickel futures up 0.66% on global cues

Nickel prices moved up by 0.66% to Rs 906.30 per kg in futures trade today, as speculators created fresh positions amid a firming trend in base metals overseas.

Also a pick-up in demand from alloy-makers in the spot market also influenced nickel futures prices.

At the Multi Commodity Exchange, November nickel rose by Rs 5.90, or 0.66%, to Rs 906.30 per kg, clocking a turnover of 3,432 lots.

The December contract was trading higher by Rs 5.70, or 0.63%, at Rs 914.10 per kg, with a trading volume of 373 lots.

Meanwhile, nickel gained 1% to $17,969 a tonne on the London Metal Exchange.

Market analysts said apart from a pick-up in demand from alloy-makers in the spot market, a rising trend in industrial metals in global markets also influenced nickel prices in futures trade here.