Nickel rises on spot demand, global cues

July contract rises 0.35%

Nickel prices moved up by 0.35% to Rs 886.10 per kg in futures market today after participants enlarged their positions, taking positive cues from the global market.

Pick up in demand from alloy-makers in the spot market also supported the uptrend.

At the Multi Commodity Exchange, nickel for delivery in July gained Rs 3.10, or 0.35%, to Rs 886.10 per kg, with a business turnover of 3,451 lots.

August nickel traded higher by Rs 2.90, or 0.32%, to Rs 896.90 per kg in 906 lots.

Analysts said the rise in nickel futures was supported by the pick up in demand from alloy-makers in the spot market and rebound in base metals at the London Metal Exchange (LME).

 

The rebound at LME was based on speculation that central banks will take steps to spur economic growth, increasing the demand for industrial metals.