Nickel futures up 0.51% on overseas trends

Nickel futures prices rose by 0.51 per cent to Rs 1,001.70 per kg today, in tandem with a firm trend in the entire base metals pack at the London Metal Exchange (LME).

Covering-up of pending short positions by speculators also supported the rise in nickel futures here.

At the Multi Commodity Exchange counter, nickel for delivery in December traded Rs 5.10, or 0.51 per cent higher to Rs 1,001.70 per kg, with a trade turnover of 365 lots.

Similarly, the metal for delivery in November also moved up by Rs 4.20, or 0.46 per cent, to Rs 991.20 per kg, with a business turnover of 2,347 lots.

Market analysts said apart from firm trend in global markets, strong demand from alloy makers at domestic spot markets, also influenced nickel futures prices here.

Meanwhile, the LME Index of prices for six industrial metals, including copper and aluminum rose 0.9 per cent.