Nickel futures climb 2.42% on firm global cues, spot demand

Nickel prices surged 2.42 per cent to Rs 758.60 per kg in futures market today as speculators widened their bets, tracking a firm trend overseas amid uptick in demand from alloy-maker at domestic spot market.
At the Multi Commodity Exchange, the nickel for delivery in November month shot up by Rs 17.90, or 2.42 per cent, to Rs 758.60 per kg in business turnover of 11,113 lots.
On similar lines, the metal for delivery in December contracts shot up by Rs 16.90, or 2.26 per cent, to Rs 763.40 per kg in 912 lots.
Analysts said expanding of positions by participants, driven by a firm trend in global markets amid optimism over demand in China and the US, mainly attributed the rise in nickel prices at futures trade.

Globally, nickel for delivery in three month added 2.9 per cent on the London Metal Exchange after prices slumped 3.6 per cent on Friday to close at the lowest since November 4.
Besides, pick up in demand from alloy-makers in the spot market fuelled the uptrend, they said.