Nickel up 0.1% on firm demand, global cues
Market analysts said apart from increased domestic demand from alloy-makers, firmness in base metals overseas, influenced nickel prices
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Nickel prices moved up by 0.17% to Rs 979.20 per kg in the futures market today as speculators enlarged their positions, tracking a firming trend in spot market on increased demand from alloy-makers.
Besides, an encouraging trend in copper and other base metals in the global markets supported the upside.
At the Multi Commodity Exchange, nickel for delivery in March gained Rs 1.70, or 0.17%, to Rs 979.20 per kg in business turnover of 1,745 lots.
The metal for delivery in April rose by Re 1, or 0.10%, to trade at Rs 983 per kg in 82 lots.
Market analysts said apart from increased domestic demand from alloy-makers, firmness in base metals overseas, influenced nickel prices at futures trade.
Besides, an encouraging trend in copper and other base metals in the global markets supported the upside.
At the Multi Commodity Exchange, nickel for delivery in March gained Rs 1.70, or 0.17%, to Rs 979.20 per kg in business turnover of 1,745 lots.
The metal for delivery in April rose by Re 1, or 0.10%, to trade at Rs 983 per kg in 82 lots.
Market analysts said apart from increased domestic demand from alloy-makers, firmness in base metals overseas, influenced nickel prices at futures trade.
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First Published: Mar 25 2014 | 1:50 PM IST