Nickel futures gain 1.97% on spot demand, global cues

Amid pick up in demand from consuming industries at the domestic spot markets and firm global cues, nickel prices traded higher at 1.97% to Rs 618.40 per kg in futures trade today.

At the Multi Commodity Exchange, nickel for delivery this month moved up by Rs 12.10 or 1.97% to Rs 624.80 per kg in a business turnover of 91 lots.

Likewise, the metal for delivery in current month traded higher by Rs 11.90 or 1.96% to Rs 618.40 per kg in 1,715 lots.

Analysts said besides pick up in demand, alloy-makers in the spot market ensured a firm trend in base metals in line with global markets, which attributed the rise in nickel prices at futures trade.