Nickel futures up on global cues

Nickel futures traded higher by 0.69 per cent after speculators enlarged their positions amid a firming trend at the London Metal Exchange (LME). 

Also, covering-up of short positions and a better trend at the spot markets on the back of increased demand from alloy-makers supported the upside in nickel futures prices. 

At the Multi Commodity Exchange , nickel for delivery in May traded higher by Rs 6.60, or 0.69 per cent to Rs 1,019 per kg, with a business turnover of 2,085 lots. 

The metal for delivery in June also gained Rs 6.60, or 0.65 per cent to Rs 1,028.30 per kg, with a turnover of 287 lots. 

Market analysts said besides a firming trend in copper and other base metals at the LME, covering-up of short positions by speculators and pick-up in spot markets demand supported the recovery in nickel futures prices.

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