Nickel futures up on global cues, spot demand

Nickel up nearly 1% on LME

Tracking a firming trend in the global markets, nickel futures prices today rose by Rs 6.70 to Rs 924.80 per kg as speculators enlarged their positions.

In addition, increased demand from alloy makers in the spot market also supported the upside in metal prices.
At the MCX, nickel for delivery in May rose by Rs 2.40, or 0.25%, to Rs 965.90 per kg in a business turnover of 1,354 lots.

The May contract moved up by Rs 2.10, or 0.22%, to Rs 952.70 per kg in 1,981 lots.

Analysts said besides a firming global trend, pick-up in demand from alloy-makers in the spot market, also responsible for the rise in nickel futures prices.

Three-month nickel contract added 0.8% to $18,248 a tonne on the London Metal Exchange.