Nickel futures climb over 3% on global cues

NEW DELHI: Nickel prices climbed over 3 per cent to Rs 610.10 per kg in futures trading today as speculators widened positions taking positive cues from global market.

Furthermore, rising demand at the domestic spot market from alloy-makers also supported the upside.

At Multi Commodity Exchange, nickel for delivery in November rose Rs 18, or 3.04 per cent, to Rs 610.10 per kg in a business turnover of 2,374 lots.

Metal for delivery in December was also up by Rs 17.90, or 2.99 per cent, to Rs 615.80 per kg in 978 lots.

Nickel prices surged largely in tandem with a firm trend at London Metal Exchange (LME) where it climbed to highest level in a week, as Chinese smelters consider production cuts to support prices amid weak demand in the world's biggest consumer, analysts said.

Globally, nickel, used to make stainless steel, gained as much as 3.3 per cent to USD 9,205 per tonne at the LME.