Nickel marginally up on strong global trend

Nickel prices edged up to 0.17 per cent in futures trade today, supported by firm demand and gains overseas on strong US economic data.

At the Multi Commodity Exchange counter, the metal for delivery in January contract traded Rs 1.90, or 0.17 per cent higher at Rs 1,130.70 per kg, with a turnover of 513 lots.

Similarly, nickel for delivery in February-month contract edged up by Rs 1.60, or 0.14 per cent to Rs 1,140.50 per kg, with a turnover of two lots, while delivery in December up by 60 paise, of 0.12 per cent to Rs 1,122.60 per kg, with a turnover of 5,359 lots. 

Market analysts said apart from domestic demand, particularly from alloy makers, gains in the entire base metals pack at the London Metal Exchange also influenced metal prices at futures market here.