Nickel recovers in futures trade on global cues,spot demand

At the Multi Commodity Exchange,nickel for delivery in July moved up by Rs 7.50,or 0.72 per cent,to Rs 1,045.40 per kg,with a business volume of 91 lots.

Likewise,the metal for delivery in August traded Rs 7.30,or 0.70 per cent,higher at Rs 1,054.50 per kg,with a trade turnover of 1,855 lots.

Market analysts said firmness in nickel and other base metals at the London Metal Exchange,supported by strong US manufacturing data for June and pick-up in demand from alloy-makers at the spot markets,mainly influenced nickel futures prices here.

Meanwhile,nickel climbed by one per cent in early trade on the London Metal Exchange.