Nickel climbs by 0.2% in futures trade

Buoyed by a firming trend in base metals overseas, nickel prices moved up 0.21% to Rs 866.70 per kg in futures trading today as speculators created fresh positions. Furthermore, rising demand at the domestic spot market from alloy-makers also supported the upside. At Multi Commodity Exchange, nickel for delivery in current month contracts rose Rs 1.80, or 0.21%, to Rs 866.70 per kg in a business turnover of 421 lots. Metal for delivery in July contracts was up 60 paise, or 0.07%, to Rs 873.50 per kg in just six lots.

Analysts said a firming trend at the London Metal Exchange (LME) where base metals strengthened as investors await industrial production data from China, which may show an improvement in activity, mainly led to rise in nickel futures here.

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