Nickel strengthens on spot demand,global cues

Nickel futures today moved up by 0.26%, largely on the back of pick-up in spot demand from alloy makers amid a firming trend in base metals overseas.

At the Multi Commodity Exchange, the April contract rose by Rs 2.40, or 0.26%, to Rs 928 per kg, clocking a turnover of 1,171 lots.

The May contract was trading higher by Rs 2.20, or 0.23%, at Rs 939 per kg, with a trading volume of 201 lots.

Meanwhile, nickel added 0.90% to $17,700 a tonne in early trade today on the London Metal Exchange (LME).

Analysts said besides pick-up in domestic demand from alloy-makers, a firming trend in copper and other base metals at the LME supported the rise in nickel futures here.