Nickel gains by 0.9% on positive global cues

Nickel prices rose 0.94% to Rs 668.30 per kg in futures trade today as speculators enlarged positions on positive cues from global markets.

Besides, increased demand from alloy-makers in the domestic spot market, supported the uptrend.

At the Multi Commodity Exchange, nickel for delivery in December traded higher by Rs 6.20, or 0.94%, to Rs 668.30 per kg in a business turnover of 29 lots.

Similarly, the metal for delivery in November was trading higher by Rs 6, or 0.92%, to Rs 661.60 per kg in 1,418 lots.

Globally, nickel prices jumped 1.7% at the London Metal Exchange (LME).

Market analysts attributed the rise in nickel futures to a firm trend in base metals in global market and pick up in demand from alloy-makers in the spot markets.