Nickel marginally up by 0.4% on firm demand

Nickel prices moved up by 3.60, or 0.35% to Rs 830.90 per kg in futures market today as speculators enlarged positions, tracking a firming trend in spot market on good demand from alloy-makers but weak overseas cues, limtied the gains.

 

At the Multi Commodity Exchange, nickel for delivery in August gained Rs 3.60, or 0.35%, to Rs 830.90 per kg in business turnover of 130 lots.

 

In a similar fashion, the metal for delivery in September rose marginally by 70 paise, or 0.07%, to Rs 840.50 per kg in 3 lots.

 

In the international market, nckel dropped 0.6% to $13,893 a tonne at the London Metal Exchange.

 

 

Market analysts said increased demand from domestic alloy- makers mainly helped nickel futures to trade higher but weakness in the base metals at the LME, restricted the grains.