Nickel futures up 0.71 per cent on firm demand, global cues

NEW DELHI: Nickel prices were up by 0.71 per cent to Rs 805.20 per kg in futures market today as speculators enlarged positions amid a firming trend in spot market on increased demand from alloy-makers.

Further, an encouraging trend in the base metals pack metals in the global markets, supported the upside.

At the Multi Commodity Exchange, nickel for delivery in May gained Rs 5.70 or 0.71 per cent to Rs 805.20 per kg in a business turnover of 41 lots.

Similarly, the metal for delivery in April rose by Rs 5.20 or 0.66 per cent to Rs 797.20 per kg in 557 lots.

Analysts said besides rising demand from alloy-makers at domestic spot markets, a firming trend at the London Metal Exchange before the release of US housing data, influenced nickel futures.