Nickel moves up in futures trade on global cues, spot demand

NEW DELHI: Amid pick-up in demand from alloy makers and a firming trend at the London Metal Exchange, nickel prices rose by Rs 4.80 to Rs 1,071 per kg in futures trade today.

At the Multi Commodity Exchange, nickel for delivery in August rose by Rs 4.80, or 0.45 per cent, to Rs 1,071 per kg, with a business turnover of 195 lots.

Likewise, the metal for delivery in September moved up by Rs 4.80, or 0.45 per cent, to Rs 1,080.20 per kg, with an open interest of six lots.

Market analysts said apart from positive trend overseas, pick-up in domestic demand from alloy-makers also influenced nickel futures prices.

Meanwhile, nickel was trading 0.7 per cent higher at USD 23,975 a tonne on the London Metal Exchange.