Nickel futures up over 1 pc on global cues, spot demand

NEW DELHI: Nickel futures traded notably higher by over 1 per cent to Rs 1,190.90 per kg as speculators enlarged their positions amid a firming trend at the London Metal Exchange (LME).

Better trend at the spot markets on the back of pick-up in demand from alloy-makers also, supported the upside in nickel futures prices here.

At the Multi Commodity Exchange, nickel for delivery in June traded Rs 13.50, or 1.15 per cent, higher at Rs 1,190.90 per kg, with a business turnover of one lot.

The metal for delivery in April fell by Rs 8.90, or 0.76 per cent, to Rs 1,173.80 per kg, with a business volume of two lots.

Meanwhile, at the LME, nickel gained 0.5 per cent to USD 26,300 a tonne in early trade today.

Market analysts said a firming trend in copper and other base metals at the LME along with firming domestic markets trend on better demand, influenced nickel futures prices here.