Nickel futures rise on rising demand, global cues

Nickel prices rose further by 0.65 per cent to Rs 601.60 per kg in futures trading today as participants enlarged positions on the back of surging demand from consuming industries in the spot market amid firming global cues.
At the Multi Commodity Exchange, nickel for delivery in far-month March advanced by Rs 3.90, or 0.65 per cent to Rs 601.60 per kg in a business turnover of 1,731 lots.
Likewise, the metal for delivery in February gained Rs 3, or 0.51 per cent to Rs 595.20 per kg in 15,805 lots.
Analysts said besides pick-up in demand from alloy-maker in the spot market, a firming trend in base metals in global markets, mainly kept nickel prices higher at futures trade.