Nickel futures marginally up on global cues, spot demand

NEW DELHI: Nickel futures prices traded a shade higher today, as speculators enlarged positions after the metal strengthened on the London Metal Exchange ( LME).

Pick-up in demand from alloy makers at the spot markets also supported the upside in metal prices.

At the Multi Commodity Exchange, nickel for delivery in June up by 60 paise, or 0.06 per cent, to Rs 948.80 per kg, with a trading volume of 13 lots.

The metal for delivery in May also up by 30 paise, or 0.03 per cent to Rs 937.80 per kg in a turnover of 232 lots.

Meanwhile, at the LME nickel traded 0.40 per cent higher at USD 17,675 per tonne in early trade today.

Analysts said rising demand from alloy-makers at spot markets and firmness in metal at the LME, helped nickel to trade higher at futures trade.