Nickel futures up on spot demand, global cues

Tracking firm trends in other base metals overseas and pick up in domestic demand, nickel prices rose by Rs 11.60 to Rs 1336.90 per kg in futures trade today.

At the Multi Commodity Exchange, nickel prices for delivery in April rose by Rs 11.60, or 0.88 per cent, to Rs 1,336.90 per kg, with an open interest of just one lot.

Similarly, the metal for delivery in February moved up by Rs 9.90, or 0.75 per cent, to Rs 1,324.10 per kg, with a business turnover of two lots.

Market analysts said the rise in nickel futures was mostly due to pick up in demand in the domestic market from alloy makers and a firming trend in copper and other base metals overseas. 

 

Meanwhile, nickel rose by 0.6 per cent to $29,320 a tonne, the highest price since April 2008, on the London Metal Exchange.