Nickel gains by 0.63% on positive global cues

Increased demand from alloy-makers in the spot market also supported prices

Nickel prices rose 0.63% to Rs 1,186.50 per kg in futures trade today as speculators enlarged positions on positive cues from global markets.

Besides, increased demand from alloy-makers in the spot market, supported the uptrend.

At the Multi Commodity Exchange, nickel for delivery in July traded higher by Rs 7.40, or 0.63%, to Rs 1,186.50 per kg in a business turnover of 5,176 lots.

Similarly, the metal for delivery in August traded higher by Rs 7.50, or 0.63%, to Rs 1,193 per kg in 201 lots.

Analysts attributed the rise in nickel futures to a firm global trend where the metal advanced to over one-month high after an increase in US employment fuelled optimism that an economic recovery will boost demand for metals.
 
Meanwhile, nickel for delivery in three months added one% to USD 19,825 per tonne, a level last seen on May 23 at the London Metal Exchange.