PTI reported that amid strong demand from alloy makers in the domestic spot market and a firming trend in base metals at the London Metal Exchange, nickel strengthened by 0.41% to INR 937.30 per kg in futures trade.

At the Multi Commodity Exchange, nickel for delivery in June 2012 traded higher by INR 3.80 or 0.41% to INR 937.30 per kilogram, with a business turnover of 2,879 lots.

Similarly, the metal for delivery in June 2012 edged higher by INR 3.90 or 0.41% to INR 945.10 per kilogram, with a business turnover of 1,827 lots.

At the London Metal Exchange, nickel increased 0.8% to USD 16,775 a tonne.

Analysts said increased demand from alloy makers in the spot market amid strength in copper and other base metals at the LME on hopes that global policy makers will take steps to counter Europe's debt crisis and slowing growth, boosting metals demand, leading to a rise in nickel futures prices.

Source - PTI

(www.steelguru.com)