Nickel futures up on spot demand, overseas trend

Nickel futures rose by Rs 14, or 1.34 per cent, to Rs 1,057.60 per kg today after speculators enlarged their positions, tracking firming global markets and strong Chinese industrial data.

Good demand from alloy makers in the domestic spot market also gave a push to rising nickel futures.

Nickel contracts for September delivery were being traded Rs 14, or 1.34 per cent, higher at Rs 1,057.60 per kg, with a turnover of 10,799 lots at the Multi Commodity Exchange.

The metal for October contract delivery also gained Rs 13.60, or 1.29 per cent, to Rs 1,064.20 per kg, with a turnover of 1,070 lots.

 

Market analysts attributed the rise in nickel futures to a firming trend in global markets, where prices of the metal rose by 1.4 per cent on the back of better-than-expected Chinese industrial and retail sales data.

In addition, strong spot demand in the domestic physical market from consuming industries also supported the upside in nickel prices, they said.