Nickel futures up 0.35 pc on global cues, firm spot demand

Nickel prices rose 0.35 per cent at Rs 780.90 per kg in futures market today after speculators widened bets amid industrial metals rising overseas and a firm trend in the spot market on increased demand from alloy makers.

At the Multi Commodity Exchange, nickel for delivery in January gained Rs 2.70, or 0.35 per cent, to Rs 780.90 per kg in a business turnover of 21 lots.

In a similar manner, the metal for delivery in December was trading higher by Rs 2.30, or 0.30 per cent, to Rs 775.30 per kg in 440 lots.

Analysts said, the base metals rising in global market coupled with pick-up in demand at the domestic spot markets from alloy-makers, supported uptrend in nickel futures here.
 

Globally, nickel climbed 1.5 per cent to USD 11,465 a metric tonne at the London Metal Exchange.