Nickel up on firm global trend, spot demand

Nickel prices rose Rs 7 to Rs 957.10 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.

Similarly, the November contract traded higher by Rs 6.20, or 0.68%, to Rs 963.70 per kg, with a business turnover of 416 lots.

Globally, nickel traded $24, or 0.13% higher at $18,099 per tonne at the London Metal Exchange in early trade today.

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 bargain buying by investors helped nickel futures to trade higher.