Nickel up marginally on spot demand, global cues

Speculators enlarge positions on higher offtake from alloy makers; metal gains 0.09% at home, 0.4% on LME

Nickel prices moved up marginally by 0.09 per cent to Rs 901.20 per kg in futures market today as speculators enlarged positions, tracking a firming trend in spot market on increased demand from alloy-makers.
       
Besides, an encouraging trend in the global markets supported the upside.
    
At the Multi Commodity Exchange, nickel for delivery in December gained 80 paise, or 0.09 per cent, to Rs 894.50 per kg in business turnover of 286 lots.
    

January Nickel rose by a similar margin to trade at Rs 901.20 per kg in nine lots.
    
Market analysts said apart from increased domestic demand from alloy-makers, metal's gain at the London Metal Exchange (LME) on concern that supplies will decline from Indonesia as the biggest producer of mined metal was set to start a ban on mineral-ore exports next month, influenced nickel futures here.

     
Globally, nickel advanced as much as 0.40 per cent to trade at $14,475 per tonne at the LME, the highest price since November 4.