Nickel futures up 0.86 pc on overseas trend

NEW DELHI: Tracking firming trend in base metals overseas and strong domestic demand, nickel futures traded 0.86 per cent higher today.

At the Multi Commodity Exchange, nickel for delivery in April contract traded Rs 11.30, or 0.86 per cent, higher at Rs 1,319.50 per kg, with a business turnover of one lot.

The metal for delivery in February contract rose marginally by 50 paise, or 0.04 per cent, to Rs 1,305.20 per kg, with a business turnover of two lots.

At the London Metal Exchange ( LME), nickel climbed 0.6 per cent to USD 28,750 a tonne.

Market analysts attributed the rise in nickel futures to the strong domestic demand from alloy makers and a firming trend at LME, after the Federal Reserve raised its forecast for U.S. economic growth.