Nickel rises 0.34% on global cues

Increased demand from alloy-makers supports uptrend

Tracking a firm global trend and increased demand from alloy-makers, nickel prices rose by 0.34% to Rs 895.40 per kg in futures trade today as speculators created fresh positions.

At the Multi Commodity Exchange, nickel for delivery in November was up by Rs 3, or 0.34%, to Rs 895.40 per kg, with a business turnover of 785 lots.

October nickel traded higher by Rs 2.70, or 0.31%, to Rs 886 per kg, with an open interest of 3,536 lots.

Marketmen said the rise in nickel prices at futures trade was due to a firming trend in global markets and rising spot demand at domestic markets from alloy-makers.