Nickel futures up on overseas trend

Nickel futures traded marginally higher by 0.20% to Rs 1,200 per kg as speculators covered-up their pending short positions amid a firming trend at the London Metal Exchange (LME). 

Better trend at the spot markets owing to pick-up in demand from alloy-makers also influenced nickel futures prices here.  

At the Multi Commodity Exchange, nickel for delivery in May traded Rs 2.40, or 0.20% higher at Rs 1,200 per kg, with a business turnover of 2,483 lots.

The metal for delivery in June gained Rs 1.90, or 0.16% to Rs 1,208 per kg, with a business volume of 72 lots.

Meanwhile, nickel gained one per cent to $26,891 a tonne at the LME in early trade today. 

 

Analysts said a firming trend in copper and other base metals at the LME, as a weaker dollar raised demand for the commodities, and a firming trend in the domestic markets influenced nickel futures prices.