Nickel up on spot demand, global cues

Supported by strong domestic demand from alloy-makers and a firming trend overseas, nickel prices moved up by 0.45% to Rs 885.40 per kg in futures trade today.

At the Multi Commodity Exchange, the December contract for nickel rose by Rs 4, or 0.45%, to Rs 885.40 per kg, with a business turnover of 212 lots.

The November contract traded higher by Rs 3.70, or 0.42%, to Rs 875.70 per kg, with an open interest of 2,000 lots.

Marketmen said besides pick-up in demand from alloy makers in the domestic spot markets, a firming trend in the entire base metals pack overseas mainly pushed up nickel prices at futures market.