Nickel recovers by 0.68% on global cues, spot demand

Nickel prices moved up by 0.68% to Rs 938.10 per kg in futures trade today amid a firming trend in base metals overseas.

A pick-up in demand from alloy-makers in the spot market also influenced nickel futures prices.

At the Multi Commodity Exchange, November nickel rose by Rs 7.30, or 0.68%, to Rs 938.10 per kg, clocking a turnover of 1,884 lots.

The October contract was trading higher by Rs 6, or 0.64%, at Rs 945.70 per kg, with a trading volume of 93 lots.

Meanwhile, nickel gained 1.4% to $18,855 a tonne on the London Metal Exchange.

Market analysts said apart from a pick-up in demand from alloy-makers in the spot market, a rising trend in industrial metals in global markets also supported the upside in nickel prices in futures trade here.