Nickel futures up on rising spot demand, global cues

Nickel remained firm and prices added 1.50 per cent to Rs 1,166.60 per kg in futures trade today as speculators enlarged positions, driven by rising demand from alloy-makers in the spot market amid firm global trend.
At the Multi Commodity Exchange, nickel for delivery in September advanced by Rs 17.20, or 1.50 per cent to Rs 1166.60 per kg in business turnover of 827 lots.
Similarly, the metal for delivery in August gained Rs 16, or 1.40 per cent to Rs 1160 per kg in 15,373 lots.
Analysts said apart from rising demand from alloy-makers at domestic spot markets, a firming trend at the London Metal Exchange amid optimism that geopolitical risks are receding, aiding investment sentiment for commodities.

Meanwhile, nickel advanced 1.5 per cent to USD 18,939 a tonne on the London Metal Exchange.