Nickel up by 0.6% on global cues

Increased domestic demand from alloy-makers influenced nickel prices

Nickel prices went up by 0.60% to Rs 827.20 per kg in futures market today after speculators enlarged their positions, tracking a firming trend in the global markets.

 

Besides, an encouraging trend in spot markets on the back of rising demand from alloy-makers supported the upside.

 

At the Multi Commodity Exchange, nickel for delivery in July gained Rs 4.90, or 0.60%, to Rs 827.20 per kg in business turnover of 1,883 lots.

 

Similarly, the metal for delivery in August rose by Rs 4.90, or 0.59%, to Rs 836.20 per kg in 1,005 lots.

 

Globally, nickel advanced 0.9% to $13,640 a tonne at the London Metal Exchange.

 

Market analysts said besides increased domestic demand from alloy-makers, firmness in base metals overseas amid speculation that China's determination to stabilise growth will help boost demand for metals, influenced nickel futures here.