Nickel up 1% on firm demand
Prices moved up as speculators enlarged their positions
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Nickel futures for June gained Rs 7.90, or 0.99%, to Rs 809.40 per kg in 161 lots.
At the Multi Commodity Exchange (MCX), the May contract rose by Rs 7.40, or 0.93%, to Rs 802.30 per kg in 2,422 lots.
Prices moved up as speculators enlarged their positions tracking firming spot market trend on increased demand from alloy-makers.
Besides, an encouraging trend in copper and other base metals in the global markets supported the upside here.
Firming trend in base metals at the London Metal Exchange (LME) triggered after the European Central Bank reduced interest rates to a record and US filings for unemployment benefit fell to a five-year low that boosted the outlook for demand supported the upside in nickel futures here.
At the Multi Commodity Exchange (MCX), the May contract rose by Rs 7.40, or 0.93%, to Rs 802.30 per kg in 2,422 lots.
Prices moved up as speculators enlarged their positions tracking firming spot market trend on increased demand from alloy-makers.
Besides, an encouraging trend in copper and other base metals in the global markets supported the upside here.
Firming trend in base metals at the London Metal Exchange (LME) triggered after the European Central Bank reduced interest rates to a record and US filings for unemployment benefit fell to a five-year low that boosted the outlook for demand supported the upside in nickel futures here.
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First Published: May 03 2013 | 2:53 PM IST