Upsurge in demand, overseas cues lift nickel futures by 0.30 pc

Supported by pick up in demand in the domestic spot market, nickel prices moved up by 0.30 per cent to Rs 841.20 per kg in futures market Monday as speculators built up fresh positions.

Besides, positive global cues on easing trade dispute between the US and top metals consumer China, influenced metal prices.

At the Multi Commodity Exchange, nickel for delivery in January went up by Rs 2.50, or 0.30 per cent, to Rs 841.20 per kg in a business turnover of 1,760 lots.

Besides the pick up in spot demand, a firm trend at the London Metal Exchange (LME) led to the rise in nickel prices in futures trade as speculators created positions, analysts said.

At the LME, nickel gained 2 per cent to trade at USD 11,820 per tonne, the highest since November 7.