 "Nickel gains by 0.5% on global cues")
Nickel prices rose 0.56% to Rs 892 per kg in futures trading today as participants enlarged speculative positions amidst firming overseas trends.
Besides, rising demand at domestic spot markets from alloy makers, supported the upside.
At the Multi Commodity Exchange, nickel for delivery in February rose by Rs 5, or 0.56%, to Rs 887 per kg in a business turnover of 824 lots.
Market analysts said besides rising domestic demand, a firming trend in base metals at London Metal Exchange (LME) after manufacturing recovered in China, the world's largest consumer of metals, influenced nickel futures.
Meanwhile, nickel for delivery in three months climbed 0.40% to $19,328 per tonne at LME.
Nickel prices climbed 39% this year at LME after Indonesia, the world's biggest producer of mined nickel, banned ore exports in January.
Besides, rising demand at domestic spot markets from alloy makers, supported the upside.
At the Multi Commodity Exchange, nickel for delivery in February rose by Rs 5, or 0.56%, to Rs 887 per kg in a business turnover of 824 lots.
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The metal for delivery in March rose by Rs 4.50, or 0.50%, to trade at Rs 899.30 per kg in 189 lots.
Market analysts said besides rising domestic demand, a firming trend in base metals at London Metal Exchange (LME) after manufacturing recovered in China, the world's largest consumer of metals, influenced nickel futures.
Meanwhile, nickel for delivery in three months climbed 0.40% to $19,328 per tonne at LME.
Nickel prices climbed 39% this year at LME after Indonesia, the world's biggest producer of mined nickel, banned ore exports in January.