Nickel up by 0.1% on overseas cues

Pick-up in demand at the domestic spot markets also influenced prices

Nickel prices edged up by 0.15% to Rs 548.50 per kg in futures trade today as traders built up fresh positions, driven by a firming trend overseas and pick-up in demand at the domestic spot markets.

At Multi Commodity Exchange, nickel for delivery in far-month March moved up by 80 paise, or 0.15%, to Rs 548.50 per kg, in a business turnover of 219 lots.

In a similar fashion, the metal for delivery in February traded higher by 60 paise, or 0.11%, to Rs 542.70 per kg in 1,971 lots.

Analysts said besides firm global trend as the dollar retreated to a three-month low amid prospects for a delay in the tightening of US monetary policy, pick up in demand from alloy-makers at domestic spot markets, mainly led to the rise in nickel prices at futures trade.
 
Globally, nickel advanced 0.3% to $7,900 a metric tonne after dropping the previous day to $7,870, the lowest since April 2003 at the London Metal Exchange.