Global cues, industrial demand lifts nickel futures 1.38%

Supported by positive global cues and pick up in demand at the domestic spot markets, nickel prices gained 1.38 per cent to Rs 595.90 per kg in futures market today as speculators strengthened their bets.
At the Multi Commodity Exchange, nickel for delivery in April gained Rs 8.10, or 1.38 per cent, to Rs 595.90 per kg, in a business turnover of 47 lots.
The metal for delivery this month rose by Rs 7.90, or 1.36 per cent to trade at Rs 589.60 per kg in 3,219 lots.
Analysts said apart from rising demand from alloy-makers at domestic spot market, the metal rebounding at the London Metal Exchange (LME), influenced nickel futures.

Globally, nickel prices at the LME rose as much as 2.6 per cent to USD 8,810 per tonne. Prices plunged 8.5 per cent in yesterday's trade, the most since July, amid a broader sell off in commodities assets following weak Chinese trade data, including the biggest drop in exports since 2009.