Nickel up 0.6% on overseas cues, spot demand

Nickel prices went up by 0.66% to Rs 667.50 per kg in futures market today after speculators widened their positions, driven by a firming trend overseas and pick-up in demand at the domestic spot markets.

In futures trading at Multi Commodity Exchange, nickel for delivery in November spurted Rs 4.40, or 0.66%, to Rs 667.50 per kg, in a business turnover of 767 lots.

Similarly, the metal for delivery in December was trading higher by Rs 4.20, or 0.63%, to Rs 674.30 per kg in 33 lots.

Analysts said besides rising demand from alloy-makers at domestic spot markets, a firming trend in metal at the London Metal Exchange (LME) supported the upside in nickel prices at futures trade here.