Nickel up by 0.7% on overseas cues

Pick up in demand in the domestic markets also helped prices

Nickel prices went up by 0.73% to Rs 592 per kg in futures market today after speculators strengthened their positions, driven by a firming trend overseas and pick-up in demand at the domestic spot markets.

In futures trading at Multi Commodity Exchange, nickel for delivery in March spurted Rs 4.30, or 0.73%, to Rs 592 per kg, in a business turnover of 93 lots.

Similarly, the metal for delivery in February was trading higher by Rs 4.10, or 0.70%, to Rs 585.90 per kg in 1,720 lots.

Analysts said besides rising demand from alloy-makers at domestic spot markets, a firming trend in base metals pack in global market, influenced nickel prices at futures trade.