Nickel up 0.2% on firm demand
Firmness in base metals overseas supported the trade
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Nickel prices moved up by 0.23% to Rs 829.10 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 (MCX), the June contract gained Rs 1.90, or 0.23%, to Rs 829.10 per kg in 719 lots.
The July contract rose by a similar margin to trade at Rs 835.60 per kg in 54 lots.
Market analysts said apart from increased domestic demand from alloy-makers, firmness in base metals overseas on hopes that the growth in the US may boost demand, influenced nickel futures here.
Besides, an encouraging trend in copper and other base metals in the global markets supported the upside.
At the Multi Commodity Exchange (MCX), the June contract gained Rs 1.90, or 0.23%, to Rs 829.10 per kg in 719 lots.
The July contract rose by a similar margin to trade at Rs 835.60 per kg in 54 lots.
Market analysts said apart from increased domestic demand from alloy-makers, firmness in base metals overseas on hopes that the growth in the US may boost demand, influenced nickel futures here.
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First Published: Jun 17 2013 | 2:22 PM IST