Nickel strengthens on spot demand, global cues

Amid a pick-up in spot demand from alloy makers and a firming trend overseas, nickel futures prices rose by 0.58% today.

At the Multi Commodity Exchange, nickel for August delivery rose by Rs 5.70, or 0.58%, to Rs 986.80 per kg, with a business turnover of 1,859 lots.

Likewise, the metal for September delivery imoved up by Rs 5.10, or 0.52%, to Rs 992.30 per kg, with a trade turnover of 131 lots. 

Market analysts said apart from increased demand from domestic alloy-makers, a firming trend in base metals at the London Metal Exchange, boosted by an overnight rebound in US and European equities and better-than-expected US jobless claims data, influenced the metal prices at futures trade here.