Nickel climbs 0.12% on spot demand, global cues

Nickel prices were up by 0.12 per cent at Rs 689.20 per kg in futures trade today on pick up in demand from consuming industries in the spot market amid a firm trend in base metals at the London Metal Exchange.

At the Multi Commodity Exchange, nickel for delivery in September moved up by 80 paise, or 0.12 per cent, to Rs 689.20 per kg, in a business turnover of 17 lots.

Also, the metal for delivery this month gained 40 paise or 0.06 per cent, to Rs 684.40 per kg in 848 lots.

Marketmen said besides pick-up in domestic demand from alloy-makers, a firm trend in the base metals pack at the London Metal Exchange (LME) as investors flooded into metals on expectations of capacity cuts in coal and aluminium in China, led to the rise in nickel prices at futures trade.

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