 "Nickel up on firm global cues, spot demand")
Nickel prices rose by Rs 5.10 to Rs 855.60 per kg in futures trading today as speculators enlarged positions, taking positive cues from the global markets.
A firm trend at the domestic spot markets on the back of increased demand from alloy-makers also influenced prices.
At the Multi Commodity Exchange, nickel for delivery in December traded Rs 5.10, or 0.60%, higher at Rs 855.60 per kg in business turnover of 722 lots.
Market analysts said a firming trend in copper and other base metals overseas after the Asian Development Bank raised China's 2013 economic growth forecast to 7.7% from 7.6% in October and increased its 2014 estimate to 7.5% from 7.4%, mainly led to rise in nickel futures.
Besides, increased buying by speculators on pick-up in demand from alloy-maker in the spot market.
A firm trend at the domestic spot markets on the back of increased demand from alloy-makers also influenced prices.
At the Multi Commodity Exchange, nickel for delivery in December traded Rs 5.10, or 0.60%, higher at Rs 855.60 per kg in business turnover of 722 lots.
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Similarly, the metal prices for delivery in January traded higher by Rs 5.20, or 0.58%, to Rs 864.20 per kg in 33 lots.
Market analysts said a firming trend in copper and other base metals overseas after the Asian Development Bank raised China's 2013 economic growth forecast to 7.7% from 7.6% in October and increased its 2014 estimate to 7.5% from 7.4%, mainly led to rise in nickel futures.
Besides, increased buying by speculators on pick-up in demand from alloy-maker in the spot market.
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