Nickel rise on spot demand, global cues

Weak rupee also pushed nickel prices higher

Amid increased demand from alloy-makers in the spot market and a rebound in metals in global markets, nickel prices rose 0.24% to Rs 945.10 per kg in futures trade today.

At the MCX, nickel for delivery in May traded higher by Rs 2.30, or 0.24%, to Rs 945.10 per kg, with a business turnover of 3,672 lots.

The June  contract edged higher by Rs 2, or 0.23%, to Rs 953.80 per kg in 773 lots.

Analysts said increased demand from alloy-makers in the spot market amid rebound in base metals at the London Metal Exchange mainly led to a rise in nickel prices at futures market.

Globally, nickel gained 0.3% to $16,810 a tonne at the LME.