Nickel up 0.7% on global cues

Prices of the metal surged largely in tandem with a firm trend in metal at London Metal Exchange and pick up in demand

Nickel prices surged 0.74% to Rs 721.60 per kg in futures trading today as speculators widened positions taking positive cues from global market.

Moreover, rising demand at the domestic spot market from alloy-makers also supported the upside.

At the Multi Commodity Exchange, nickel for delivery in August rose Rs 5.30, or 0.74%, to Rs 721.60 per kg, in a business turnover of 248 lots.

Metal for delivery in September was also up by Rs 5.10, or 0.71%, to Rs 727 per kg in 4 lots.

Nickel prices surged largely in tandem with a firm trend in metal at London Metal Exchange (LME) and pick up in demand at the domestic spot markets, analysts said.