Nickel rises marginally in futures trade

Nickel futures traded 0.48 per cent higher at Rs 1,181.30 per kg today, as speculators enlarged their positions, driven by a firming trend in base metals overseas.

At the Multi Commodity Exchange, nickel for delivery in January traded Rs 5.70 or 0.48 per cent higher, to Rs 1,181.30 per kg, with a trade turnover of one lot.

Similarly, the metal for delivery in February also moved up by Rs 5.30, or 0.45 per cent, to Rs 1,1890 per kg, with a business turnover of four lots.

Globally, nickel gained 0.5 per cent to $25,950 a tonne at the London Metal Exchange.  

Market analysts said besides firming trend in base metals overseas, good demand from alloy makers for the metal at the spot market from alloy makers, also supported the upside in nickel futures here.