Nickel futures up on spot demand, overseas cues

NEW DELHI: Nickel prices moved up by 0.35 per cent to Rs 886.10 per kg in futures market today after participants enlarged their positions, taking positive cues from the global market.

Further, pick up in demand from alloy-makers in the spot market also supported the upside.

At the Multi Commodity Exchange, nickel for delivery in July gained Rs 3.10, or 0.35 per cent, to Rs 886.10 per kg, with a business turnover of 3,451 lots.

Similarly, the metal for delivery in the August traded higher by Rs 2.90, or 0.32 per cent, to Rs 896.90 per kg in 906 lots.

Analysts said the rise in nickel futures was mostly supported by pick up in demand from alloy-makers in the spot market and rebound in base metals at the London Metal Exchange (LME) on speculation central banks will take steps to spur economic growth, increasing demand for industrial metals.