Nickel futures up 1.37% on firm spot demand, global cues

Nickel prices were up 1.37 per cent to Rs 682.70 per kg in futures market today after speculators widened bets, tracking a firm trend in the spot market on increased demand from alloy makers and base metals rising overseas.
At the Multi Commodity Exchange, nickel for delivery in October gained Rs 9.20, or 1.37 per cent, to Rs 682.70 per kg in a business turnover of 7,757 lots.
In a similar manner, the metal for delivery in November rose Rs 9.30, or 1.37 per cent, to Rs 689.40 per kg in 1,147 lots.
Analysts said that apart from increased domestic demand from alloy makers and other consuming industries, strength in base metals at the London Metal Exchange supported uptrend in nickel futures here.