 "Nickel up by 0.3% on pick up in demand")
Nickel prices rose by 0.29% to Rs 562.10 per kg in futures trading today as participants widened their bets, driven by pick up in demand in the spot market even as the metal weakened overseas.
At the Multi Commodity Exchange, nickel for delivery in the far-month March moved up by Rs 1.60 or 0.29% to Rs 562.10 per kg in business turnover of 15 lots.
Similarly, the metal for delivery in February contracts edged up by Rs 1.10 or 0.20% to Rs 556.60 per kg in 895 lots.
They said, however, a weak global trend where nickel fell to the lowest level in almost 13 years on concern that global production cuts are insufficient to counter faltering demand in China, the world's biggest consumer, capped the rise.
Globally, nickel for delivery in three month dropped 3.2% to $7,900 a metric tonne on the London Metal Exchange. Markets in China, the world's biggest consumer of metals, are closed this week for the Lunar New Year holiday.
At the Multi Commodity Exchange, nickel for delivery in the far-month March moved up by Rs 1.60 or 0.29% to Rs 562.10 per kg in business turnover of 15 lots.
Similarly, the metal for delivery in February contracts edged up by Rs 1.10 or 0.20% to Rs 556.60 per kg in 895 lots.
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Analysts attributed rise in nickel futures to widening of positions by traders due to pick up in demand from alloy-makers in the spot market.
They said, however, a weak global trend where nickel fell to the lowest level in almost 13 years on concern that global production cuts are insufficient to counter faltering demand in China, the world's biggest consumer, capped the rise.
Globally, nickel for delivery in three month dropped 3.2% to $7,900 a metric tonne on the London Metal Exchange. Markets in China, the world's biggest consumer of metals, are closed this week for the Lunar New Year holiday.
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