Nickel futures up on global trend, spot demand

Nickel futures traded 0.23 per cent higher at Rs 886 per kg in futures market today after participants enlarged positions, driven by positive cues from overseas markets, and pick-up in domestic demand.

At the Multi Commodity Exchange, nickel for delivery in November gained Rs 2, or 0.23 per cent, to Rs 886 per kg, with a business turnover of 2,512 lots.

The metal for delivery in December traded higher by Rs 1.80, or 0.20 per cent, at Rs 895 per kg, with a turnover of 308 lots.

Marketmen said besides pick-up in demand from alloy- makers in the domestic spot markets, a firming trend in copper and other base metals overseas, supported the upside in nickel prices at futures trade here.

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