Nickel futures edge up 0.11 pc on firm spot demand

Nickel prices were marginally higher by 0.11 per cent at Rs 719.10 per kg in futures market today after a firm trend at the spot market on increased demand from consuming industries.
A strong trend prevailed in select base metals overseas.
At the Multi Commodity Exchange, nickel for delivery in December gained 80 paise, or 0.11 per cent, to Rs 719.10 per kg in a business turnover of 297 lots.
In a similar manner, the metal for delivery in January 2018 was trading higher by 30 paise, or 0.04 per cent, at Rs 724 per kg in three lots.
Analysts said that aside from positive global cues, higher bets by participants following pick-up in demand at the domestic spot market from alloy- makers supported the uptrend in nickel futures here.