Nickel strengthens on global cues

Spot cues pulled prices higher

Amid rebound in base metals overseas and increased demand from alloy-makers in the domestic spot market, nickel strengthened by 0.80% to Rs 953.10 per kg in futures trade today.

At the MCX, nickel for delivery in June traded higher by Rs 7.50, or 0.80%, to Rs 953.10 per kg, with a business turnover of 4,196 lots.

July edged higher by Rs 6.30, or 0.60%, to Rs 959 per kg in 425 lots.

Analysts said apart from increased demand from alloy-makers in the spot market, rebound in copper and other base metals at the London Metal Exchange, mainly led to a rise in nickel prices at futures market.

Meanwhile, nickel advanced 0.5% to $17,070 a tonne at the LME.