Nickel futures rise 0.46% on spot demand; global cues

New Delhi: Nickel prices were up by 0.46 per
cent to Rs 670.30 per kg in futures market today as
speculators raised their bets, tracking rising spot demand and
a firming trend overseas.

    At the Multi Commodity Exchange, nickel for delivery in
September was trading higher by Rs 3.10, or 0.46 per cent, to
Rs 670.30 per kg, in a business turnover of 707 lots.

 The metal for delivery in October rose by Rs 2.60, or 0.39
per cent, to trade at Rs 675.60 per kg in two lots.
    Analysts said increased domestic demand at the spot
markets from alloy-makers, supported the upside in nickel
prices at futures trade here.

  Moreover, metal's strength at the London Metal Exchange
(LME) on speculation shipments of nickel ore from the
Philippines may shrink as much as 30 per cent this year as the
country cracks down on errant miners and after some companies
cut output in the first half due to weak prices and poor
weather, influenced sentiments.

    Globally, nickel for delivery in three months rose 0.1 per
cent to USD 10,070 per tonne at the LME.