Nickel strengthens 0.2% on overseas trend

Speculation that the US Federal Reserve Chairman may hint at more stimulus increases demand outlook

Taking positive cues from global markets and pick up in spot demand, nickel prices rose by 0.20% in futures trade today.

At the Multi Commodity Exchange, nickel for delivery in September traded higher by Rs 1.80, or 0.20%, to Rs 902.80 per kg, with a business turnover of 3,709 lots.

August nickel edged higher by Rs 1.70, or 0.19%, to Rs 893.10 per kg in 3,757 lots.

Marketmen said gains in copper at the London Metal Exchange (LME) on speculation that US Federal Reserve Chairman may hint at more stimulus to revive economic growth, increased the demand outlook for base metals, influencing nickel futures here.