Nickel rises 0.4% on spot demand, global cues

Supported by a firming trend at the London Metal Exchange (LME) and pick-up in domestic demand, nickel futures prices rose by Rs 5 to Rs 1,002.30 per kg today.

At the Multi Commodity Exchange, the February contract for nickel rose by Rs 5, or 0.40%, to Rs 1,002.30 per kg, with a business turnover of 1,177 lots.

The March contract gained Rs 4, or 0.40%, to Rs 1,012 per kg, with an open interest of 224 lots.

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

Meanwhile, nickel gained 0.5% to $20,331 a tonne at the LME.