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Nickel rises 0.4% on spot demand, global cues

Press Trust of India  |  New Delhi 

Supported by a firming trend at the London Metal Exchange (LME) and pick-up in domestic demand, prices rose by Rs 5 to Rs 1,002.30 per kg today.

At the Multi Commodity Exchange, the February contract for rose by Rs 5, or 0.40%, to Rs 1,002.30 per kg, with a business turnover of 1,177 lots.

The March contract gained Rs 4, or 0.40%, to Rs 1,012 per kg, with an open interest of 224 lots.

Analysts said apart from a firming global trend, pick-up in demand from alloy-makers in the domestic spot mainly led to the rise in prices at market.

Meanwhile, gained 0.5% to $20,331 a tonne at the LME.

First Published: Wed, February 22 2012. 12:35 IST