Nickel gains 0.5% on firm demand, global cues

Traders create fresh positions on higher offtake from alloy makers, firmness at LME

Nickel prices moved up by 0.49 per cent to Rs 886 per kg in futures trade today after speculators created positions, tracking a firming trend in spot market on increased demand from alloy makers.
    
Besides, an encouraging trend copper and other base metals in the global markets supported the upside.
    
At the Multi Commodity Exchange, nickel for delivery in December gained Rs 4.30, or 0.49 per cent, to Rs 886 per kg in business turnover of 430 lots.

    
January nickel was up Rs 3.40, or 0.38 per cent, to Rs 892.60 per kg in 45 lots.
 

    
Market analysts said apart from increased domestic demand from alloy-makers, firmness in copper and other base metals at the London Metal Exchange after China's central bank injected funds, helping ease surging financing costs also influenced nickel futures here.