Nickel up over 3% on global cues

Nickel prices climbed over 3% to Rs 610.10 per kg in futures trading today as speculators widened positions taking positive cues from global market.

Furthermore, rising demand at the domestic spot market from alloy-makers also supported the upside.

At Multi Commodity Exchange, nickel for delivery in November rose Rs 18, or 3.04%, to Rs 610.10 per kg in a business turnover of 2,374 lots.

Metal for delivery in December was also up by Rs 17.90, or 2.99%, to Rs 615.80 per kg in 978 lots.

Nickel prices surged largely in tandem with a firm trend at London Metal Exchange (LME) where it climbed to highest level in a week, as Chinese smelters consider production cuts to support prices amid weak demand in the world's biggest consumer, analysts said.

Globally, nickel, used to make stainless steel, gained as much as 3.3% to $9,205 per tonne at the LME.

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