Nickle futures up 0.29% on pick up in demand, global cues

Nickel prices went up by 0.29 per cent to Rs 690.10 per kg in futures trade today as speculators widened their positions, driven by pick up in demand at the domestic spot markets and a firm trend overseas.
In futures trading at the Multi Commodity Exchange, nickel for delivery in current month was trading higher by Rs 2 or 0.29 per cent to Rs 690.10 per kg in a business turnover of 586 lots.
Similarly, the metal for delivery in November month was trading higher by Rs 1.90 or 0.27 per cent to Rs 696 per kg in 31 lots.

Analysts said apart from rising demand from alloy-makers at domestic spot markets, a better trend in base metals at the London Metal Exchange (LME) mainly supported the upside in nickel prices at futures trade here.
Globally, nickel rose 0.6 per cent at the LME.