Nickel up by 0.5% on global cues
Speculators enlarged positions tracking a firming trend
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Nickel futures prices rose by 0.55% to Rs 870.90 per kg today after speculators enlarged positions tracking a firming trend in base metals overseas.
At the Multi Commodity Exchange, nickel for delivery in January rose by Rs 4.80, or 0.55%, to Rs 870.90 per kg in business turnover of 331 lots.
Similarly, the metal for delivery in February traded higher by Rs 3.90, or 0.45%, to Rs 879 per kg in eight lots.
Globally, nickel gained as much as 1.3%, the biggest gain since December 27, to $14,081 per tonne.
Market analysts said besides rising demand, particularly from domestic alloy-makers, a firming trend in copper and other base metals at the London Metal Exchange, helped nickel futures to trade higher.
At the Multi Commodity Exchange, nickel for delivery in January rose by Rs 4.80, or 0.55%, to Rs 870.90 per kg in business turnover of 331 lots.
Similarly, the metal for delivery in February traded higher by Rs 3.90, or 0.45%, to Rs 879 per kg in eight lots.
Globally, nickel gained as much as 1.3%, the biggest gain since December 27, to $14,081 per tonne.
Market analysts said besides rising demand, particularly from domestic alloy-makers, a firming trend in copper and other base metals at the London Metal Exchange, helped nickel futures to trade higher.
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First Published: Jan 02 2014 | 11:10 AM IST