Nickel up by 0.5% on global cues

Nickel prices were up 0.54% at Rs 575.30 per kg in futures market today after speculators widened bets amid industrial metals rising overseas and a firm trend in the spot market on increased demand from alloy makers.

At the Multi Commodity Exchange, nickel for delivery this month gained Rs 3.10, or 0.54%, to Rs 575.30 per kg in a business turnover of 1,176 lots.

In a similar manner, the metal for delivery in January next year contract was trading higher by Rs 2.70, or 0.47%, to Rs 580.80 per kg in 161 lots.

Analysts said the metal bouncing from the largest decline in more than three weeks in global market, as the US economy expanded faster than estimated, boosting demand in the second-largest metals user, supported uptrend in nickel futures here.

Besides, increased domestic demand from alloy makers and other consuming industries, influenced metal prices, they said.

Globally, nickel rose as much as 0.9% to $8,715 a metric tonne at the London Metal Exchange.

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