Nickel up by 0.5% on spot demand

Supported by rising demand from alloy-makers and firming global trend, nickel prices up by 0.52% to Rs 816.20 per kg in futures trade today as speculators created fresh positions.

 

At the Multi Commodity Exchange, nickel for delivery in July rose by Rs 4.20, or 0.52% to Rs 816.20 per kg in business turnover of 3,141 lots.

 

Likewise, the metal for August contract added Rs 4.30, or 0.52%, to Rs 824.40 per kg in 1,168 lots.

 

Market analysts attributed the rise in nickel futures to fresh positions created by speculators following rising demand in the spot markets and a firming global trend.

 

Besides, covering-up of pending short positions ahead of monthly settlement also supported the upside, they said.