Nickel futures up on alloy-makers demand, global cues

Tracking firming trend in overseas markets, nickel prices rose by Rs 4.10 to Rs 1,029 per kg in futures trade today on pick-up in demand from alloy-makers.

At the Multi Commodity Exchange, the July contract for nickel rose by Rs 4.10, or 0.40%, to Rs 1,029 per kg, with a business turnover of 1,423 lots. 

June delivery gained Rs 3.60, or 0.35%, to Rs 1,020.80 per kg, with an open interest of 4,267 lots. 

Market analysts said besides firming trend in its prices at London Metal Exchange, pick-up in demand from alloy-makers also supported the uptrend in nickel prices at futures trade.

 

Meanwhile, nickel gained 0.4% to $22,765 a tonne on the LME.