Nickel up 0.3% on global cues; spot demand

Increased domestic demand from alloy-makers, firmness in base metals overseas helped nickel futures to trade higher

Nickel prices moved up by 0.35% to Rs 852 per kg in the futures market today as speculators enlarged their positions, tracking a firming overseas trend amid spot demand.

At the Multi Commodity Exchange, nickel for delivery in August gained Rs 3.20, or 0.35%, to Rs 852 per kg in business turnover of 7,456 lots.

Nickel for delivery in September rose by Rs 3, or 0.34%, to trade at Rs 858.90 per kg in 252 lots.

Market analysts said apart from increased domestic demand from alloy-makers, firmness in base metals overseas after China's official manufacturing data unexpectedly strengthened, helped nickel futures to trade higher.