Nickel up by 1.20% on global cues

Increased domestic demand from alloy-makers influenced nickel prices

Nickel prices moved up by 1.15% to Rs 819.20 per kg in futures market today as speculators enlarged their positions, tracking a firming trend in the global markets.

 

Besides, an encouraging trend in spot markets supported the upside.

 

At the Multi Commodity Exchange, nickel for delivery in July gained Rs 8.30, or 1.15%, to Rs 819.20 per kg in business turnover of 4,980 lots.

 

In a similar fashion, the metal for delivery in August rose by Rs 8.70, or 1.06%, to Rs 826.50 per kg in 372 lots.

 

Globally, nickel advanced 0.4% to $13,825 a tonne at the London Metal Exchange.

 

Market analysts said besides increased domestic demand from alloy-makers, firmness in base metals overseas amid data showing US manufacturing rose by the most in four months, influenced nickel futures here.