Nickel up by 0.9% on spot demand

Nickel prices today moved up by 0.86% to Rs 930.80 per kg in futures market after speculators enlarged positions driven by a firming trend in the global market on positive economic data.

 

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

 

At the Multi Commodity Exchange, nickel for delivery in August gained Rs 7.90, or 0.86%, to Rs 930.80 per kg in business turnover of 760 lots.

 

Similarly, the metal for delivery in September rose by Rs 7.50, or 0.81%, to Rs 938 per kg in 78 lots.

 

Market analysts said apart from increased domestic demand from alloy-makers, firmness in base metals at the London Metal Exchange (LME) as US jobless claims fell and manufacturing in China and the euro area grew more than estimated, adding to signs of a global recovery, attributed rise in nickel futures prices here.

 

In the international market, nickel gained 0.03% to $14,430 a tonne at the LME.