Nickle futures up 1.09% on global cues, spot demand

Supported by firming global cues and rising demand from alloy-makers in domestic spot markets, nickel prices moved up by 1.09 per cent to Rs 595.10 per kg in futures trade today.

Nickel for delivery in current month moved up by Rs 6.40 or 1.09 per cent to Rs 595.10 per kg in a business turnover of 479 lots at the Multi Commodity Exchange.

Similarly, the metal for delivery in April contracts traded higher by Rs 7.40 or 1.08 per cent to Rs 601.30 per kg in 11 lots.

Globally, nickel traded 0.3 per cent higher at the London Metal Exchange (LME).
 

Market analysts attributed the rise in nickel prices at futures trade to enlarging of positions by speculators, driven by rising demand from alloy-makers in the spot market and a better trend in metals at the LME.