Nickel futures climb 0.41% on global cues

Nickel prices surged 0.41 per cent to Rs 585 per kg in futures trading today as speculators widened positions taking positive cues from global market.
Moreover, rising demand at the domestic spot market from alloy-makers also supported the upside.
At the Multi Commodity Exchange, nickel for delivery in March rose Rs 2.50, or 0.41 per cent, to Rs 585 per kg, in a business turnover of 578 lots.
Metal for delivery in April was also up by Rs 2.10, or 0.36 per cent, to Rs 590.80 per kg in 14 lots.
Nickel prices surged largely in tandem with a firm trend in metal at London Metal Exchange (LME) and pick up in demand at the domestic spot markets, analysts said.

Globally, nickel, used to make stainless steel, gained as much as 1 per cent to USD 8,695 per tonne at the LME.