Nickel up 0.2% on global cues

Metal for delivery in July traded higher by 0.19%

Nickel prices recovered by Rs 3.20 to Rs 1,127 per kg in futures trading today as speculators created fresh positions, driven by a firm global trend.

At the Multi Commodity Exchange, nickel for delivery in this month rose Rs 3.20, or 0.28%, to Rs 1,127 per kg in business turnover of 949 lots.

Similarly, the metal for delivery in July traded higher by Rs 2.10, or 0.19%, to Rs 1,131.60 per kg in 39 lots.

Globally, nickel in London rose 0.7% to $19,170 a tonne.

Market analysts said speculators created fresh positions in tandem with a firm global trend, mainly led to the rise in metal prices at futures trade.
 
Besides, firm demand from alloy-makers at the spot markets also supported the upside, they said.