Nickel futures up on global cues, spot demand

NEW DELHI: Buoyed by a firming trend in global markets and increased demand from alloy-maker, nickel prices rose by Rs 9.60 in futures trading today.

At the Multi Commodity Exchange, nickel for delivery in November rose by Rs 9.60, or 0.96 per cent, to Rs 1,007 per kg, with a business turnover of two lots.

Likewise, the metal for delivery in August moved up by Rs 2.50, or 0.25 per cent, to Rs 984.60 per kg, with an open interest of 6,960 lots.

Market analysts said apart from a firming trend in global markets, increased demand from alloy-makers in the spot market, mainly pushed up nickel futures price.

Meanwhile, nickel advanced by 0.3 per cent to USD 21,756 a tonne on the London Metal Exchange.