Nickel up 0.2% on firm overseas cues, spot demand

Metal for delivery in current month traded higher by 0.12%

Nickel prices rose by Rs 2.50 to Rs 1,138.50 per kg in futures trading today as speculators enlarged positions on positive cues from global markets.

A firm trend at the domestic spot markets on the back of increased demand from alloy-makers also influenced prices.

At the Multi Commodity Exchange, nickel for delivery in September traded higher by Rs 2.50, or 0.22%, at Rs 1,138.50 per kg in a business turnover of two lots.

Similarly, the metal for delivery in current month traded higher by Rs 1.40, or 0.12%, to Rs 1,130.80 per kg in 215 lots.

Market analysts said a firming trend in copper and other base metals overseas as a jump in home building fuelled speculation that demand will accelerate in the US, the world's second-biggest consumer of industrial metals, mainly led to rise in nickel futures.
 
Besides, pick-up in demand from alloy-maker in the spot market also influenced metal prices.