Nickel rises on global trend
Nickel futures traded 0.74 per cent higher to Rs 1,056.60 per kg in tandem with a firming trend overseas. Pick up in demand at the spot markets also supported the upside in nickel futures price.
Analysts said sentiments were buoyed after the US Federal Reserve said it was willing to ease monetary policy to boost the economy, raising hopes of pick up in demand for the metal.
At the Multi Commodity Exchange counter, nickel contract for delivery in November gained Rs 7.80, or 0.74 per cent, to Rs 1,056.60 per kg, clocked a turnover of 22 lots.
In a similar fashion, the metal for current-month September delivery also edged up by Rs 6.80, or 0.67 per cent, to Rs 1,039.10 per kg, with a business turnover of 2,556 lots, while delivery in October-month contract was up by Rs 6.80, or 0.65 per cent, to Rs 1,047.30 per kg, with a turnover of 387 lots.
Meanwhile, the London Metal Exchange-Index of six metals, including copper and aluminium, jumped 2.2 per cent yesterday to the highest level since April.