Nickel futures up 1.6 pc on firm global cues

Nickel prices rose by 1.60 per cent to Rs 789 per kg in futures trade today on speculative buying fueled by firm global trends and pick up in demand at domestic spot markets.
At the Multi Commodity Exchange, the nickel contract for delivery in December spurted by Rs 12.40, or 1.60 per cent, to Rs 789 per kg in business turnover of 406 lots.
Likewise, the metal for delivery in November traded higher by Rs 12.20, or 1.58 per cent to Rs 783.60 per kg in 14,293 lots.
Analysts said besides pick up in demand from alloy-makers in the spot market, a firm trend overseas mainly supported the rise in nickel prices at futures trade.