Nickel up 0.4% on firm spot market
Prices went up as speculators created fresh positions
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Nickel prices moved up by Rs 2.90 to Rs 840.20 per kg in futures trading today as speculators created fresh positions, driven by a firming trend at spot markets on industrial demand.
At the Multi Commodity Exchange (MCX), the June rose by Rs 2.90, or 0.35%, to Rs 840.20 per kg in 339 lots.
Similarly, the May contract traded higher by Rs 2.40, or 0.29%, to Rs 833.40 per kg in 1,515 lots.
Market analysts said speculators created fresh positions in tandem with a firm trend at spot markets on the back of pick-up in demand form alloy-makers, mainly led to rise in nickel prices at futures trade.
However, metal's weakness at the London Metal Exchange, capped the gains, they said.
Meanwhile, nickel traded a shade lower at $14,890 a metric tonne on the London Metal Exchange (LME).
At the Multi Commodity Exchange (MCX), the June rose by Rs 2.90, or 0.35%, to Rs 840.20 per kg in 339 lots.
Similarly, the May contract traded higher by Rs 2.40, or 0.29%, to Rs 833.40 per kg in 1,515 lots.
Market analysts said speculators created fresh positions in tandem with a firm trend at spot markets on the back of pick-up in demand form alloy-makers, mainly led to rise in nickel prices at futures trade.
However, metal's weakness at the London Metal Exchange, capped the gains, they said.
Meanwhile, nickel traded a shade lower at $14,890 a metric tonne on the London Metal Exchange (LME).
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First Published: May 29 2013 | 2:58 PM IST