Nickel up on global cues, spot demand

Nickel futures today moved up by 0.22% to Rs 928.90 per kg, amid a firming trend in base metals overseas.

Also, a pick-up in demand from alloy-makers in the domestic spot markets influenced nickel futures prices.

At the Multi Commodity Exchange, the May contract of nickel rose by Rs 2, or 0.22%, to Rs 928.90 per kg, clocking a turnover of five lots.

The March metal was trading higher by Rs 1.40, or 0.16%, at Rs 898.70 per kg, with a trading volume of 523 lots.

Meanwhile, nickel advanced 0.4% to $17,650 a tonne on the London Metal Exchange (LME).

Analysts said a firming trend in copper and other base metals at the LME after yesterday's slump supported the rise in nickel futures here.