Nickel up 0.3% on firm demand, global cues
Metal for delivery in May rose by 0.29%
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Nickel prices moved up by 0.36% to Rs 967 per kg in 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 April gained Rs 3.50, or 0.36%, to Rs 967 per kg in a business turnover of 415 lots.
In a similar fashion, the metal for delivery in May rose by Rs 2.80, or 0.29%, to Rs 971.10 per kg in 19 lots.
Market analysts said apart from increased domestic demand from alloy-makers, a firming trend in select base metals at the London Metal Exchange, mainly helped nickel futures to trade higher.
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 April gained Rs 3.50, or 0.36%, to Rs 967 per kg in a business turnover of 415 lots.
In a similar fashion, the metal for delivery in May rose by Rs 2.80, or 0.29%, to Rs 971.10 per kg in 19 lots.
Market analysts said apart from increased domestic demand from alloy-makers, a firming trend in select base metals at the London Metal Exchange, mainly helped nickel futures to trade higher.
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First Published: Apr 02 2014 | 12:14 PM IST