Nickel futures rise on global cues

Tracking a firming global trend, nickel futures prices rose by Rs 5.60 to Rs 974.90 per kg today as speculators created fresh positions.

Increased demand from alloy-makers in the spot market further fuelled the upswing in nickel futures.

At the Multi Commodity Exchange, nickel for delivery in December rose by Rs 5.60, or 0.58 per cent, to Rs 974.90 per kg, with a business turnover of 1,833 lots.

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In a similar fashion, the metal for delivery in January contract gained Rs 5.20, or 0.53 per cent, to Rs 980.70 per kg, in 1,275 lots.

Market analysts said apart from a firming trend in base metals in overseas markets on better US data, pick-up in demand from alloy-makers in the spot market led to rise in nickel prices at futures trade.

Meanwhile, nickel advanced 0.6 per cent to USD 18,300 a tonne on the London Metal Exchange.