Nickel rises on spot demand, global trend

NEW DELHI: Nickel traded 0.70 per cent, or Rs 7.50 higher, to Rs 1,083.30 per kg in futures trade today, buoyed by rising demand at physical markets amid firming trend overseas.

Analysts said an upswing in nickel futures was mostly attributed to strong demand at the domestic markets from alloy makers and strength in base metals at the London Metal Exchange after weak dollar raised appeal for the commodity as an alternative investment option.

A weak dollar made metals cheaper for buyers holding other currencies.

At the Multi Commodity Exchange counter, nickel contract for delivery in October gained Rs 7.50, or 0.70 per cent, to Rs 1,083.30 per kg, clocked a turnover of one lot.

In a similar fashion, the metal for delivery in November contract also edged up by Rs 6.80, or 0.63 per cent, to Rs 1,088.60 per kg, with a turnover of one lot.

Meanwhile, the metal increased 0.4 per cent to USD 23,340 a tonne on the London Metal Exchange.