Nickel futures up 0.93% on spot demand, global cues

Nickel prices moved up by 0.93 per cent to Rs 781 per kg in futures trading today as participants widened bets, driven by pick up in demand in the spot market amid firm global cues.

At the Multi Commodity Exchange, nickel for delivery in current month rose by Rs 7.20, or 0.93 per cent, to Rs 781 per kg, in a business turnover of 1,575 lots.

Likewise, the metal for delivery in October too traded higher by Rs 6.40, or 0.82 per cent, to Rs 784.80 per kg in 28 lots.

Analysts said traders enlarged position on the back of pick up in demand from alloy-makers in the domestic spot market and a better trend in base metals in global markets, which influenced nickel prices to trade higher at futures trade.

Gains are also fuelled by a weaker dollar, a stronger Chinese currency, and a super-charged steel market in China that is steering sentiment for other commodities, they added.

Globally, at the London Metal Exchange (LME), nickel advanced as much as 2.9 per cent to USD 12,380 a metric tonne, its highest since June 2015.

(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)