Nickel futures up 0.40% on global trend

Tracking firming trend overseas along with pick up in domestic demand, nickel traded 0.40 per cent higher at Rs 1,117.10 per kg in futures trade today.

At the Multi Commodity Exchange counter, the metal for delivery in February-month contract traded Rs 4.50, or 0.40 per cent higher at Rs 1,117.10 per kg, with a turnover of just one lot.

Similarly, the nickel for delivery in December-month contract edged up by Rs 4, or 0.36 per cent to Rs 1,099.60 per kg, with a turnover of two lots.

Meanwhile, nickel advanced 0.7 per cent to $24,168 per tonne at the London Metal Exchange.

Market analysts said the rise in nickel futures was due to a firming trend in the entire base metals on speculation that the US Federal Reserve may extend asset purchases to support the economy, driving the dollar lower and boosting the appeal of commodities as an alternative investment.

Besides, rising demand from alloy makers at the domestic markets, also influenced the nickel futures prices, they said.