Nickel up on firm global trend, spot demand

Takes positive cues from overseas markets, amid pick-up in domestic demand from alloy-makers

Nickel prices gained Rs 3.40 to Rs 963.10 per kg in futures market today after participants built-up positions, taking positive cues from overseas markets, amid pick-up in domestic demand from alloy-makers.

At the Multi Commodity Exchange, the September contract for nickel gained Rs 3.40, or 0.35%, to Rs 963.10 per kg, with a business turnover of 1,885 lots.

The October contract traded higher by Rs 3, or 0.31%, to Rs 969.40 per kg, with a business turnover of 416 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 on the back of increased buying by copper and other base metals by Chinese consumers ahead of a week-long holiday, helped nickel futures to trade higher.