Nickel futures up on global cues, domestic demand

NEW DELHI: Nickel futures traded 0.19 per cent higher at Rs 1,047.90 per kg today, buoyed by a firm trend overseas on expectations of the Federal Reserve stimulus for the US economy, which may boost commodities demand.

Strong demand from alloy makers at the domestic markets also supported the rise in nickel futures prices.

At the Multi Commodity Exchange counter, nickel for November delivery edged up by Rs 2, or 0.19 per cent, to Rs 1,077.90 per kg, with a business volume of 133 lots.

Similarly, the metal for delivery in December also gained Rs 1.60, or 0.15 per cent to Rs 10,57.80 per kg in a turnover of 39 lots.

Analysts said apart from a firm trend in base metals at the London Metal Exchange (LME) on expected announcement by the Federal Reserve for further stimulus to boost US economy, which in turn may buoy commodities demand, firm trend at the domestic spot markets also influenced nickel futures.

Meanwhile, nickel rose 0.2 per cent to USD 23,520 per tonne at the LME.