Nickel futures gain 1.24 pc on rising spot demand, global cues

Amid rising domestic demand and a firm global trend, nickel prices were higher by 1.24 per cent to Rs 883.50 per kg in futures trading today as speculators enlarged positions.
At the Multi Commodity Exchange, nickel for delivery in March month moved up by Rs 10.80, or 1.24 per cent to Rs 883.50 per kg in business turnover of 984 lots.
Similarly, the metal for delivery in February contracts gained Rs 10.60, or 1.23 per cent to Rs 875.90 per kg in 939 lots.
Analysts said besides rising demand from alloy-makers at domestic spot markets, a firm trend overseas, influenced nickel prices at futures trade.

Meanwhile, nickel for delivery in three months added 0.1 per cent to USD 14,000 a metric tonne on the London Metal Exchange.