Nickel futures rise on global cues

NEW DELHI: Tracking a firm global trend, nickel prices rose by Rs 5.20 to Rs 954.50 per kg in futures trading today on increased buying by speculators.

At the Multi Commodity Exchange, nickel for delivery in August rose by Rs 5.20, or 0.55 per cent, to Rs 954.50 per kg, with a business turnover of 682 lots.

Likewise, the metal for delivery in September gained Rs 4.60, or 0.48 per cent, to Rs 960.40 per kg, with an open interest for 842 lots.

Market analysts said apart from a firming trend on the London Metal Exchange, a pick-up in demand from alloy-makers led to the rise in nickel futures prices.

Meanwhile, nickel advanced by 1.1 per cent to USD 20,880 a tonne on the London Metal Exchange.