Nickel up 1.1% on spot demand, overseas cues

Nickel for September contract added 1%

Supported by rising demand from alloy-makers and firming global trend, nickel prices were up by 1.14% to Rs 911.70 per kg in futures trade today as speculators created fresh positions.

At the Multi Commodity Exchange, nickel for delivery in August rose by Rs 10.30, or 1.14% to Rs 911.70 per kg in business turnover of 1,409 lots.

Likewise, nickel for September contract added Rs 9.40, or 1.03%, to Rs 918.30 per kg in 95 lots.

Market analysts attributed the rise in nickel futures to speculative positions created by participants following rising demand in the spot markets and a firming global trend.

Meanwhile, nickel advanced 0.9% to $14,860 a tonne on the London Metal Exchange.