Nickel futures marginally up 0.34 on spot demand, global cues

Nickel prices moved up by 0.23 per cent to Rs 686.30 per kg in futures trading today as participants widened their bets, driven by pick up in demand in the spot market amid a firm global cues.
At the Multi Commodity Exchange, nickel for delivery in October rose by Rs 1.60 or 0.23 per cent to Rs 686.30 per kg in a business turnover of two lots.
Likewise, the metal for delivery in September traded higher by Rs 1.50 or 0.22 per cent to Rs 680.60 per kg in 382 lots.
Analysts said traders enlarged position on the back of pick-up in demand from alloy-makers in the spot market and a better trend in base metals in global markets, influenced nickel prices to trade higher at futures trade.