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.