Overseas cues, spot demand lift nickel futures 1.29%

Nickel prices went up by 1.29 per cent to Rs 614.40 per kg in futures trade today as speculators raised their bets, driven by a firming trend overseas and pick-up in demand at the domestic spot markets.

In futures trading at the Multi Commodity Exchange, nickel for delivery in current month spurted Rs 7.80, or 1.29 per cent, to Rs 614.40 per kg, in a business turnover of 2,017 lots.

The metal for delivery in July was trading higher by Rs 7.80, or 1.27 per cent, to Rs 621.60 per kg in 424 lots.

Analysts said a firming trend in base metals at the London Metal Exchange (LME) after the pound strengthened for the first time since Britain's shock vote to leave the European Union and commodities advanced amid signs that policy makers are taking steps to limit the economic fallout, helped nickel to trade higher at futures trade.
 

Besides, rising demand from alloy-makers at domestic spot markets, supported the upside, they added.

At the LME, nickel, used to make stainless steel, climbed as much as 1.2 per cent.