Nickel up 0.5% aided by global cues

Supported by a firming trend overseas, nickel prices jumped 0.50% to Rs 577.60 per kg in futures trading today as participants widened their positions.

Besides, rising demand at domestic spot markets from alloy-makers also gave support.

At the Multi Commodity Exchange, nickel for delivery this month rose Rs 2.90, or 0.50%, to Rs 577.60 per kg in a business turnover of 1,169 lots.

The metal for delivery in January also gained Rs 2.40, or 0.41%, to trade at Rs 583.50 per kg in 866 lots.

Marketmen said a firming trend in the base metal pack at the London Metal Exchange (LME) amid speculation that demand conditions in China may stabilise into next year as some producers start to scale back output to stem losses and cut costs and pick up in domestic demand, mainly led to the rise in nickel futures here.