Nickel futures rise Rs 6.40 on global cues, spot demand

Nickel prices moved up by Rs 6.40 to Rs 692.70 per kg in futures market today as speculators raised their bets amid a firming trend overseas and spot demand.

At the Multi Commodity Exchange, nickel for delivery in February gained Rs 6.40, or 0.93 per cent, to Rs 692.70 per kg, in a business turnover of 1,326 lots.

The metal for delivery in March also rose by a similar margin to trade at Rs 698.10 per kg in 38 lots.

Analysts said apart from increased domestic demand from alloy-makers, firmness in copper and other base metals at the London Metal Exchange, influenced nickel prices at futures trade.