Nickel strengthens by 0.89% in futures trade

Tracking a firming trend in base metals at the London Metal Exchange, nickel prices shot up by Rs 10.30 to Rs 1,067.90 per kg in futures trade today.

Besides, increased demand from alloy makers at the domestic spot markets also supported the uptrend.

At the Multi Commodity Exchange, nickel for delivery in August climbed by Rs 10.30, or 0.89% to Rs 1,167.90 per kg, with an open interest of a single lot.

Similarly, the metal for delivery in April moved up by Rs 6.60, or 0.58%, to Rs 1,148.50 per kg, with a business turnover of three lots.

Market analysts said apart from a firming trend at the London Metal Exchange (LME), increased demand from alloy-makers also pushed up nickel prices at futures trade.

 

Meanwhile, nickel gained two per cent to $25,800 a metric tonne on the LME.