Nickel strengthens 0.57%

Strong demand from alloy-makers fuelled the uptrend

Nickel prices rose by 0.57% to Rs 954 per kg in futures trade today.

At the Multi Commodity Exchange, the January contract was up by Rs 5.40, or 0.57% to Rs 954 per kg in 3,122 lots.

The February contract traded higher by Rs 5.20, or 0.54%, to Rs 960.50 per kg in 167 lots.

Marketmen said nickel futures went up due to a firm trend at the London Metal Exchange as the US Congress looked set to back a deal to avert a fiscal cliff. Besides, data showing manufacturing in China for December expanded at the fastest pace also triggered the uptrend.

 

Further, strong demand from alloy-makers also influenced nickel prices.