Nickel futures rise on global cues, spot demand

NEW DELHI: Nickel futures prices rose by Rs 16.30 per kg today on buying support by speculators, driven by a firming global trend.

Increased demand from alloy makers also influenced the trading sentiment.

At the Multi Commodity Exchange, nickel for delivery in August rose by Rs 16.30, or 1.57 per cent, to Rs 1,054.20 per kg, with a business turnover of six lots.

Likewise, the metal for June contract gained Rs 7, or 0.68 per cent, to Rs 1,033.80 per kg, with a business volume of 8,110 lots.

Market analysts said apart from firmness in nickel at the London Metal Exchange, increased demand from alloy-makers led to rise in nickel futures prices.

Meanwhile, nickel increased by 1.8 per cent to USD 22,980 a tonne on the LME.