Nickel up 1.22 pc in futures trade on global cues

NEW DELHI: Nickel prices moved up by 1.22 per cent to Rs 1,124.40 per kg in futures trade today as speculators enlarged their positions, tracking firming trend overseas.

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 May traded Rs 13.50, or 1.22 per cent higher at Rs 1,124.40 per kg, with a business turnover of 2,663 lots.

The metal for delivery in June gained Rs 13.60, or 1.21 per cent to Rs 1,134.70 per kg, with a business volume of 180 lots.

Market analysts said a firming trend in copper and other base metals at the LME along with pick-up in demand from alloy makers at the domestic spot markets influenced nickel futures prices here.