Nickel up by 1% on global cues

Nickel prices moved up by 1.03% to Rs 578.60 per kg in futures trading today as participants widened their bets, driven by pick up in demand in the spot market amid a firm global cues.

At Multi Commodity Exchange, nickel for delivery in February rose by Rs 5.90, or 1.03% to Rs 578.60 per kg in business turnover of 861 lots.

Likewise, the metal for delivery in March contracts traded higher by Rs 5.60, or 0.97% to Rs 584.10 per kg in 27 lots.

Analysts attributed rise in nickel futures to widening of positions by speculators driven by pick up in demand from alloy-makers in the spot market and a firming trend in base metals overseas as China's central bank sought to support the property market with steps that may spur investment in the country and demand from the construction industry, helped nickel futures to trade higher.
 
Globally, nickel climbed 1% at the London Metal Exchange.