Nickel climbs 1.11% on spot demand, global cues

Nickel prices were up by 1.11 per cent at Rs 736.50 per kg in futures trade today on pick up in demand from consuming industries in the spot market amid a firm trend in select base metals overseas.
At the Multi Commodity Exchange, nickel for delivery this month moved up by Rs 8.10, or 1.11 per cent, to Rs 736.50 per kg, in a business turnover of 1,177 lots.
Also, the metal for delivery in March gained Rs 7.90, or 1.08 per cent, to Rs 741.70 per kg in 75 lots.
Market analysts said besides pick-up in domestic demand from alloy-makers, a firm trend in select base metals overseas, led to the rise in nickel prices at futures trade.