 "Nickel up 1.2% on firm demand")
Nickel prices moved up by 1.23% to Rs 1,020.80 per kg in futures market today as speculators enlarged their positions taking cues from a firming trend in spot markets.
Besides, rise in copper and other base metals in global markets also supported the upside, analysts said.
At the Multi Commodity Exchange, nickel for delivery in April gained Rs 12.40, or 1.23%, to Rs 1,020.80 per kg in business turnover of 6,195 lots.
Globally, nickel for delivery in three months on the London Metal Exchange climbed as much as 1.4% to $16,934 a metric tonne, the highest intraday level since March 26, 2013.
Analysts said besides increased domestic demand from alloy-makers at spot markets, a firming trend overseas on concern that demand will exceed supply after Indonesia's ore export ban and amid escalating tensions in Ukraine, influenced nickel futures contracts.
Besides, rise in copper and other base metals in global markets also supported the upside, analysts said.
At the Multi Commodity Exchange, nickel for delivery in April gained Rs 12.40, or 1.23%, to Rs 1,020.80 per kg in business turnover of 6,195 lots.
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The metal for delivery in May rose by Rs 12.50 or 1.23%, to Rs 1,027 per kg in 461 lots.
Globally, nickel for delivery in three months on the London Metal Exchange climbed as much as 1.4% to $16,934 a metric tonne, the highest intraday level since March 26, 2013.
Analysts said besides increased domestic demand from alloy-makers at spot markets, a firming trend overseas on concern that demand will exceed supply after Indonesia's ore export ban and amid escalating tensions in Ukraine, influenced nickel futures contracts.
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