Spot demand, positive global cues lift nickel futures 0.96 pc

Nickel prices went up 0.96 per cent to Rs 703 per kg in futures trade today as speculators raised their bets, driven by rising demand at the domestic spot markets amid a firming trend in base metals at the London Metal Exchange.

In futures trading at the Multi Commodity Exchange, nickel for delivery in November spurted Rs 6.70, or 0.96 per cent, to Rs 703 per kg, in a business turnover of 898 lots.

The metal for delivery in December was trading higher by Rs 6.70, or 0.95 per cent, to Rs 708.50 per kg in 11 lots.

Analysts said the rise in nickel prices at futures trade was mostly attributed to strong demand from alloy makers at the domestic spot markets coupled with a strength in base metals at the London Metal Exchange (LME) after China's economy stabilised in the third quarter, to bolster the outlook for commodities demand.