Nickel up 0.5% on firm demand
Encouraging trend in copper, other base metals in global markets supported the upside
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Nickel prices moved up by 0.52% to Rs 842.60 per kg in futures market today as speculators enlarged their positions, tracking a firming trend in spot market on increased demand from alloy-makers.
Besides, an encouraging trend in copper and other base metals in the global markets supported the upside.
At the Multi Commodity Exchange (MCX), the June contract gained Rs 4.20, or 0.52%, to Rs 842.60 per kg in 1,123 lots.
The July contract rose by Rs 3.90, or 0.46%, to Rs 850 per kg in 362 lots.
Market analysts said apart from increased domestic demand from alloy-makers, firmness in metal overseas amid reports that China's State Reserve Bureau bought nickel, influenced nickel futures here.
Besides, an encouraging trend in copper and other base metals in the global markets supported the upside.
At the Multi Commodity Exchange (MCX), the June contract gained Rs 4.20, or 0.52%, to Rs 842.60 per kg in 1,123 lots.
The July contract rose by Rs 3.90, or 0.46%, to Rs 850 per kg in 362 lots.
Market analysts said apart from increased domestic demand from alloy-makers, firmness in metal overseas amid reports that China's State Reserve Bureau bought nickel, influenced nickel futures here.
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First Published: Jun 03 2013 | 2:25 PM IST