Nickel gains 0.4% on firm global cues

Pick up in domestic demand from alloy-makers supports uptrend

Amid pick up in domestic demand from alloy-makers and a firming trend in the global markets, nickel prices rose by 0.41% in futures trade today.

At the Multi Commodity Exchange, nickel for delivery in September traded higher by Rs 3.70, or 0.41%, to Rs 900 per kg, with a business turnover of 1,856 lots.

September nickel edged higher by a similar margin to Rs 909.40 per kg in 85 lots.

Marketmen said a firming trend in base metals at the London Metal Exchange influenced nickel futures here.

The first contraction in manufacturing in nine months in China spurred speculation that the government will bring more stimulus and the US Federal Reserve indicated further action will be taken, raising demand outlook for metals.

 

Pick up in demand at the domestic spot markets from alloy-makers supported the uptrend, they said.