Nickel futures rise 0.95% as demand picks up, global cues

Nickel prices gained 0.95 per cent to Rs 714 per kg in futures trade today as speculators built up positions, supported by rising demand from alloy-makers in the spot market amid positive global cues.

At the Multi Commodity Exchange, nickel for delivery in September moved up by Rs 6.70, or 0.95 per cent, to Rs 714 per kg, in a business turnover of 1,008 lots.

Similarly, the metal for delivery in October traded higher by Rs 6.50, or 0.91 per cent, to Rs 719.20 per kg, in a business turnover of 432 lots.

Analysts said apart from firm global cues, speculators enlarging positions on a firming trend at the domestic spot markets on better demand from consuming industries, mainly influenced nickel prices in futures trade.