Nickel rise on global cues, domestic demand

Taking positive cues from the global market amid increased demand from alloy-makers, nickel prices rose by 0.54% to Rs 895.60 per kg in futures trade today as speculators created fresh positions.

At the Multi Commodity Exchange, the December contract for nickel rose by Rs 4.80, or 0.54%, to Rs 895.60 per kg, with a business turnover of 138 lots.

The October contract traded higher by Rs 4.50, or 0.51%, to Rs 885.40 per kg, with a turnover of 1,372 lots.

Marketmen said the rise in nickel prices at futures trade was mostly due to a firming trend in the entire base metals pack at the London Metal Exchange and rising spot demand at domestic markets, particularly from alloy-makers.