Nickel recovers in futures trade on global cues, spot demand

Tracking gains in other base metals on firming overseas trend, nickel prices edged up by 0.58% in futures trade today.  

A better trend at the domestic spot markets on the back of pick-up in demand from alloy makers also influenced nickel futures prices.  

At the Multi Commodity Exchange, nickel for delivery in July moved up by Rs 5.70, or 0.58%, to Rs 995 per kg, with a business volume of 683 lots. 

Likewise, the metal for delivery in June traded Rs 5.40, or 0.55%, higher at Rs 985.70 per kg, with a trade turnover of 5,741 lots.

Market analysts said firmness in nickel at the London Metal Exchange on easing concern about Greece's debt woes after assurances from European officials that a solution will be found.   

 

Meanwhile, nickel climbed 0.5% to $21,750 per tonne in early trade on the London Metal Exchange.