Nickel strengthens on domestic spot demand, global cues

Buoyed by spot demand in domestic markets and a strong trend overseas, nickel futures rose by 0.26 per cent to Rs 1,027.30 per kg on the Multi Commodity Exchange today.

At the Multi Commodity Exchange counter, nickel for November contract delivery rose by Rs 2.70, or 0.26 per cent, to Rs 1,027.30 per kg, with a turnover of three lots.

The metal for December delivery also moved up by Rs 2.40, or 0.23 per cent, to Rs 1,039.60 per kg, with a turnover of just one lot.

Meanwhile, at the London Metal Exchange, nickel rose by 1.4 per cent to $22,290 per tonne.

Market analysts said apart from strong demand from alloy makers in the domestic spot market, a firming trend in metal prices mainly influenced nickel futures here.