Nickel recovers in futures trade on global cues, spot demand

NEW DELHI: Nickel prices edged up by 0.22 per cent in futures trade today, supported by a firming trend overseas along with pick-up in spot demand.

At the Multi Commodity Exchange, nickel for delivery in May rose by Rs 2.30, or 0.22 per cent to Rs 1,032.70 per kg, with a business volume of 1,236 lots.

Likewise, the metal for delivery in June traded Rs 1.10, or 0.11 per cent higher at Rs 1,042.10 per kg, with a trade turnover of 538 lots.

Market analysts said apart from firmness in nickel at the London Metal Exchange, increased demand from alloy-makers led to rise in nickel futures prices.

Meanwhile, nickel climbed 0.3 per cent to USD 23,150 per metric tonne on the London Metal Exchange.