 "Nickel rises by 0.7% as demand picks up")
Nickel prices gained 0.69% to Rs 888.60 per kg in futures trade today as speculators enlarged positions amid rising demand from alloy makers in the spot market.
Besides, a firming trend in base metals at the London Metal Exchange (LME) supported the upside.
At the Multi Commodity Exchange, nickel for delivery in April moved up by Rs 6.10, or 0.69%, to Rs 888.60 per kg in a business turnover of five lots.
Analysts said apart from rising demand from alloy makers in the spot market, a firming global trend after China cut benchmark interest rates for the second time in three months to spur economic growth, mainly influenced nickel prices at futures trade.
Besides, a firming trend in base metals at the London Metal Exchange (LME) supported the upside.
At the Multi Commodity Exchange, nickel for delivery in April moved up by Rs 6.10, or 0.69%, to Rs 888.60 per kg in a business turnover of five lots.
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In a similar fashion, the metal for delivery in March traded higher by Rs 5.70, or 0.65%, to Rs 880.60 per kg in 720 lots.
Analysts said apart from rising demand from alloy makers in the spot market, a firming global trend after China cut benchmark interest rates for the second time in three months to spur economic growth, mainly influenced nickel prices at futures trade.