Nickel futures up on spot demand, global cues

Tracking firm trends in other base metals overseas and pick up in domestic demand, nickel futures traded 0.59 per cent higher at Rs 1,293.40 per kg today.

At the Multi Commodity Exchange, nickel for delivery in February gained Rs 7.60, or 0.59 per cent higher, to Rs 1,293.40 per kg, with a business turnover of three lots.

Similarly, the metal for delivery in March also edged up by Rs 6.80, or 0.53 per cent, to Rs 1,297.90 per kg, with a business turnover of just two lots.

At the London Metal Exchange, nickel climbed 1.6 per cent to $28,300 per tonne.

Market analysts said the rise in nickel futures was mostly attributed to pick up in demand at the domestic market from steel makers and firming trend in copper and other base metals overseas.