 "Nickel up 1.1% on global cues, spot demand")
Nickel prices went up by 1.13% to Rs 940 per kg in futures market today as speculators indulged in creating positions amid a firming trend in base metals overseas.
Besides, an encouraging trend in spot markets on the back of rising demand from alloy-makers supported the upside.
At the Multi Commodity Exchange, nickel for delivery in August gained Rs 10.50, or 1.13%, to Rs 940 per kg in business turnover of 953 lots.
Globally, nickel climbed at least 0.7% at the London Metal Exchange.
Market analysts said besides increased domestic demand from alloy-makers, firmness in base metals overseas after a manufacturing index in China increased in August from an 11-month low, adding to signs the world's second-biggest economy is stabilising mainly influenced nickel prices at futures trade here.
Besides, an encouraging trend in spot markets on the back of rising demand from alloy-makers supported the upside.
At the Multi Commodity Exchange, nickel for delivery in August gained Rs 10.50, or 1.13%, to Rs 940 per kg in business turnover of 953 lots.
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Similarly, nickel for delivery in September rose by Rs 9.80, or 1.05%, to Rs 946.30 per kg in 123 lots.
Globally, nickel climbed at least 0.7% at the London Metal Exchange.
Market analysts said besides increased domestic demand from alloy-makers, firmness in base metals overseas after a manufacturing index in China increased in August from an 11-month low, adding to signs the world's second-biggest economy is stabilising mainly influenced nickel prices at futures trade here.