Nickel rises 0.4% on spot demand, global cues

Tracking a firming global trend, pick-up in domestic demand, nickel futures prices rose by Rs 4.40 to Rs 1,072.30 per kg today on increased buying by speculators.

At the Multi Commodity Exchange, nickel for delivery in February rose by Rs 4.40, or 0.41%, to Rs 1,072.30 per kg in business turnover of 2,086 lots.

March nickel gained Rs 4.20, or 0.39%, to Rs 1,078.50 per kg in 176 lots.

Analysts said apart from firming global trend, pick-up in demand from alloy-makers in the spot market mainly led to the rise in nickel prices at futures market.

Meanwhile, nickel gained 0.6% to $21,650 a tonne on the London Metal Exchange.