Nickel futures surge 2.95% on firm global cues, spot demand

NEW DELHI, Apr 19: Amid a firm trend in base metals in global markets and pick up in demand at the domestic spot market, nickel prices shot up by 2.95 per cent to Rs 1,032.20 per kg in futures trade today as speculators raised bets.

At the Multi Commodity Exchange, nickel for delivery in April jumped up by 29.60, or 2.95 per cent, to Rs 1,032.20 per kg in a business turnover of 14,301 lots.

Similarly, the metal for delivery in May contracts was trading higher by Rs 28.90, or 2.87 per cent, to Rs 1034.60 per kg in 688 lots.

Analysts said expansion of positions by participants amid a firm trend in the base metal in global markets and soaring demand from alloy-makers in the physical markets, pushed up nickel prices in futures trade. (PTI)