Nickel futures rebound 1.82% on global cues, spot demand

Tracking a firm trend overseas, nickel prices recovered by 1.82 per cent to Rs 559.20 per kg in futures trade today as speculators built up fresh positions.
At the Multi Commodity Exchange, nickel for delivery in November month rose by Rs 10, or 1.82 per cent, to Rs 559.20 per kg in business turnover of 23,093 lots.
On similar lines, the metal for delivery in December contracts traded higher by Rs 9.90, or 1.78 per cent, to Rs 565.80 per kg in 3,903 lots.
Traders attributed the rise in nickel futures to a firm trend overseas, where it rebounded from its lowest level in more than a decade on suggestions that the market had been oversold during the biggest tumble in prices since the financial crisis.

Meanwhile, nickel was up 1.8 per cent at USD 8,445 a metric tonne on the Shanghai Exchange.
Besides, pick up in demand from alloy-makers in the spot market, also supported the upside, they said.