 "Nickel rose by 1.4% on positive global cues")
Nickel prices rose Rs 11.40 to Rs 830.10 per kg in futures trade today as speculators enlarged positions on positive cues from global markets.
Furthermore, increased demand from alloy-makers in the spot market supported the uptrend.
In futures trading at the Multi Commodity Exchange, nickel for delivery in June traded higher by Rs 11.40, or 1.39%, at Rs 830.10 per kg in a business turnover of 161 lots.
Analysts attributed the rise in nickel futures to a firming trend in the base metals on the London Metal Exchange (LME) as China seeks more than $300 billion in infrastructure investment. China is the world's biggest consumer of base metals.
Besides, rising demand in domestic spot markets from alloy makers influenced metal prices.
Globally, nickel for delivery in three months on LME rose 2.2% to $12,985 per tonne. The metal fell 2.2% to $12,710 per tonne on Friday, the lowest since April 23. LME was closed on Monday for a public holiday.
Furthermore, increased demand from alloy-makers in the spot market supported the uptrend.
In futures trading at the Multi Commodity Exchange, nickel for delivery in June traded higher by Rs 11.40, or 1.39%, at Rs 830.10 per kg in a business turnover of 161 lots.
Also Read
Similarly, the metal for delivery in the current month was trading higher by Rs 9.80, or 1.21%, at Rs 822.70 per kg in 1,288 lots.
Analysts attributed the rise in nickel futures to a firming trend in the base metals on the London Metal Exchange (LME) as China seeks more than $300 billion in infrastructure investment. China is the world's biggest consumer of base metals.
Besides, rising demand in domestic spot markets from alloy makers influenced metal prices.
Globally, nickel for delivery in three months on LME rose 2.2% to $12,985 per tonne. The metal fell 2.2% to $12,710 per tonne on Friday, the lowest since April 23. LME was closed on Monday for a public holiday.
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →*Subscribe to Business Standard digital and get complimentary access to The New York Times
Smart Quarterly
₹900
3 Months
₹300/Month
SAVE 25%
Smart Essential
₹2,700
1 Year
₹225/Month
SAVE 46%
*Complimentary New York Times access for the 2nd year will be given after 12 months
Super Saver
₹3,900
2 Years
₹162/Month
Subscribe
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app
SAVE 25%