Nickel futures climb 1.31% on global cues, spot demand

Amid firming trend overseas and strong demand at the domestic market, nickel prices went up by 1.31 per cent to Rs 928.80 per kg in futures trade Friday as participants widened their bets.

At the Multi Commodity Exchange, nickel for delivery in the March contract was trading higher by Rs 12, or 1.31 per cent, at Rs 928.80 per kg in a business turnover of 1,207 lots.

Analysts attributed the persistent rise in nickel futures to widening of positions by participants on the back of a firm global trend.

Besides, strong demand from alloy-makers at the domestic spot market supported the price rise, they said.