Nickel futures up by Rs 7.80 on global cues, spot demand

Nickel prices moved up by Rs 7.80 to Rs 789.30 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 December gained Rs 7.80, or 1 per cent, to Rs 789.30 per kg, in a business turnover of 972 lots.
The metal for delivery in January next year rose by Rs 7.70, or 0.98 per cent, to trade at Rs 794.60 per kg in 51 lots.
Analysts said apart from increased domestic demand from alloy-makers, firmness in the base metals pack at the London Metal Exchange (LME), influenced nickel prices at futures trade.

Globally, nickel for delivery in three-month rallied 1 per cent at the LME.