Nickel futures up on global cues; spot demand
Nickel futures traded 0.95 per cent higher today after speculators enlarged their positions, driven by recovery in copper and other base metals overseas.
At the Multi Commodity Exchange, nickel for delivery in April traded Rs 11.90, or 0.95 per cent, higher at Rs 1,147 per kg, with a business turnover of 250 lots.
The metal for delivery in March contract rose by Rs 9.70, or 0.86 per cent, to Rs 1,136.30 per kg, with a business turnover of 3,313 lots.
Market analysts said besides recovery in base metals at the London Metal Exchange, after previous sessions' losses, pick-up in domestic demand also supported the uptrend in nickel futures prices.