Nickel recovers in futures trade on global cues, spot demand

Nickel prices edged up by 0.45% in futures trade today, supported by a firming trend overseas amid a pick-up in demand.

At the Multi Commodity Exchange, nickel for delivery in June rose by Rs 4.50, or 0.45%, to Rs 1,005.10 per kg, with a business volume of 4,883 lots.

July nickel traded Rs 4.40, or 0.44%, higher at Rs 1,014.20 per kg, with a trade turnover of 316 lots.  

Market analysts said firmness in nickel at the London Metal Exchange on optimism that China's economy is maintaining momentum, after data showed industrial output grew even as the government took steps to curb rising prices.

 

Meanwhile, nickel climbed 0.2% to $22,310 per metric tonne on the London Metal Exchange.