Nickel futures surge on global cues

New Delhi, Apr 6 Tracking a firming global trend, nickel prices surged by Rs 17.10 to Rs 1,160.50 a kg in futures trade today.

Increased demand at the spot markets from alloy-makers also supported the uptrend.

At the Multi Commodity Exchange, nickel for delivery in May rose by Rs 17.90, or 1.57 per cent, to Rs 1,160.50 per kg, with a business turnover of three lots.

Likewise, the metal for delivery in April shot up by Rs 17.10, or 1.51 per cent, to Rs 1,151.60 per kg, with an open interest of two lots.

Besides a firming global trend, increased demand from alloy-makers in the spot market helped nickel to trade higher at the futures market here, market analysts said.

Nickel increased by 1.6 per cent to $25,805 a metric tonne on the London Metal Exchange.