Nickel recovers in futures trade on global cues, spot demand

Nickel prices edged up by 0.22% in futures trade today, supported by a firming trend overseas along with pick-up in spot demand.

At the Multi Commodity Exchange, nickel for delivery in May rose by Rs 2.30, or 0.22% to Rs 1,032.70 per kg, with a business volume of 1,236 lots.

The June contract traded Rs 1.10, or 0.11% higher at Rs 1,042.10 per kg, with a trade turnover of 538 lots.

Market analysts said apart from firmness in nickel at the London Metal Exchange, increased demand from alloy-makers led to rise in nickel futures prices. 

Meanwhile, nickel climbed 0.3% to $23,150 per metric tonne on the London Metal Exchange.