Nickel up 0.5% on global cues

Metal for delivery in November gained 0.52%

Nickel prices moved up by 0.53% to Rs 1,010.30 per kg in futures trade today as speculators enlarged positions, tracking a firming global trend.

At the Multi Commodity Exchange, nickel for delivery in October traded higher by Rs 5.30, or 0.53% to Rs 1,010.30 per kg in business turnover of 1340 lots.

Similarly, the metal for delivery in November gained Rs 5.30, or 0.52% to Rs 1,017 per kg in 35 lots.

Market analysts said apart from rising demand from alloy-makers in the spot market, firming global trend before euro-region industrial output data and after better-than-expected trade figures from China, the world's largest metal consumer, mainly influenced nickel prices at futures trade.
 
Meanwhile, nickel for delivery in three months rose 0.6% to $16,550 a metric tonne at the London Metal Exchange.