Nickel futures up by Rs 3.70/a kg on global cues, spot demand

Nickel prices moved up by Rs 3.70 to Rs 778 per kg in futures market today as speculators raised their bets amid a firming trend overseas and spot demand.
At the Multi Commodity Exchange, nickel for delivery in January next year gained Rs 3.70, or 0.48 per cent, to Rs 778 per kg, in a business turnover of 10 lots.
The metal for delivery in December rose by Rs 3.30, or 0.43 per cent, to trade at Rs 772.10 per kg in 705 lots.
Analysts said apart from increased domestic demand from alloy-makers, firmness in metal at the London Metal Exchange, influenced nickel prices at futures trade.

Globally, nickel for delivery in three-month rose 0.4 per cent to USD 11,450 per tonne at the LME.