 "Nickel up 4% on global cues")
Taking positive cues from the global market and strong spot demand, nickel continued its winning streak with prices rising 4% to hit upper circuit at RS 1,214.20 per kg in futures trade today as participants indulged in creating positions.
At the Multi Commodity Exchange, nickel for delivery in May traded Rs 47, or 4.03% to hit upper side limit at Rs 1,214.20 per kg in a business volume of 4,415 lots.
The metal for delivery in June month contracts too maintained its rising trend and prices went up by Rs 46, or 3.92% to Rs 1,219.40 per kg in a turnover of 379 lots.
Markets analysts said besides increased domestic demand from alloy-makers, rally in metal where it reached to a two-year high at the London Metal Exchange (LME) after Vale SA suspended activity in New Caledonia, stoking concern supply might fall short of reviving demand, influenced nickel prices at futures trade here.
Globally, nickel for delivery in three months at the LME gained 4.5% to USD 19,487 per tonne after touching USD 19,786, the highest level since March 2 2012.
Meanwhile, nickel surged 41% in London trading this year so far after leading global miner Indonesia barred exports of raw ores in January.
At the Multi Commodity Exchange, nickel for delivery in May traded Rs 47, or 4.03% to hit upper side limit at Rs 1,214.20 per kg in a business volume of 4,415 lots.
The metal for delivery in June month contracts too maintained its rising trend and prices went up by Rs 46, or 3.92% to Rs 1,219.40 per kg in a turnover of 379 lots.
Markets analysts said besides increased domestic demand from alloy-makers, rally in metal where it reached to a two-year high at the London Metal Exchange (LME) after Vale SA suspended activity in New Caledonia, stoking concern supply might fall short of reviving demand, influenced nickel prices at futures trade here.
Globally, nickel for delivery in three months at the LME gained 4.5% to USD 19,487 per tonne after touching USD 19,786, the highest level since March 2 2012.
Meanwhile, nickel surged 41% in London trading this year so far after leading global miner Indonesia barred exports of raw ores in January.
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →*Subscribe to Business Standard digital and get complimentary access to The New York Times
Smart Quarterly
₹900
3 Months
₹300/Month
SAVE 25%
Smart Essential
₹2,700
1 Year
₹225/Month
SAVE 46%
*Complimentary New York Times access for the 2nd year will be given after 12 months
Super Saver
₹3,900
2 Years
₹162/Month
Subscribe
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app
SAVE 25%