Nickel futures up 1.36% on global cues

Nickel prices moved up by 1.36 per cent to Rs 535 per kg in futures trade today after speculators widened bets, tracking a firming trend overseas and increased at the domestic spot market from alloy makers.
At the Multi Commodity Exchange, nickel for delivery in March gained Rs 7.20 or 1.36 per cent to Rs 535 per kg in a business turnover of 112 lots.
In a similar manner, the metal for delivery this month contract was trading higher by Rs 7 or 1.34 per cent at Rs 529.60 per kg in 880 lots.
Analysts said apart from increased domestic demand from alloy makers and other consuming industries, strength in base metals at the London Metal Exchange (LME) where nickel rebounded from the lowest in 13 years, influenced metal at futures trade here.

Globally, nickel for delivery in three months added as much as 1.4 per cent to USD 7,700 per tonne at the LME.