Nickel up 1.34% on strong global cues

Pick up in demand from alloy-makers supports uptrend

Nickel prices gained Rs 13.10 to Rs 955 per kg in futures market today after participants enlarged positions, taking positive cues from overseas markets and pick up in domestic demand from alloy-makers.

At the Multi Commodity Exchange, nickel for delivery in October gained Rs 13.10, or 1.39%, to Rs 955 per kg, with a business turnover of 573 lots.

September nickel traded higher by Rs 12.50, or 1.34%, to Rs 945.40 per kg, with a business turnover of 8,191 lots.

Marketmen said besides pick up in demand from alloy-makers in the domestic spot markets, a firming trend in copper and other base metals overseas after the US Federal Reserve announced monetary easing measures aimed at boosting the world's largest economy, supported the uptrend in nickel prices at futures trade here.