Nickel up by 0.8% on global cues; spot demand

Nickel prices moved up by 0.78% to Rs 852 per kg in the futures market today as speculators enlarged their positions, tracking a firming trend in base metals overseas amid spot demand.

 

At the Multi Commodity Exchange, nickel for delivery in August gained Rs 6.60, or 0.78%, to Rs 852 per kg in business turnover of 519 lots.

 

The metal for delivery in July rose by Rs 5.80, or 0.69%, to trade at Rs 844.80 per kg in 2,024 lots.

 

In the international market, nickel advanced 0.7% to $14,254 per tonne.

 

Market analysts said apart from increased domestic demand from alloy-makers and firmness in base metals overseas as China moved toward market-set lending rates, raising metals demand outlook and weakness in dollar against euro, influenced nickel futures here.