Nickel up by 1.1% on global cues
Speculators enlarged their positions amid a firming trend overseas
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Nickel futures prices today rose by 1.12% to Rs 860.90 per kg, after speculators enlarged their positions amid a firming trend overseas.
At the Multi Commodity Exchange, nickel for delivery in January rose by Rs 9.50, or 1.12%, to Rs 860.90 per kg in business turnover of 2,251 lots.
Similarly, the metal for delivery in February traded higher by Rs 9.40, or 1.09%, to Rs 869.10 per kg in 84 lots.
Analysts said besides rising spot demand, a firming trend in the base metals pack at the London Metal Exchange after China's imports rose the most in five months in December, indicating that domestic demand will support economic growth in the world's biggest metals user, helped nickel futures to trade higher.
At the Multi Commodity Exchange, nickel for delivery in January rose by Rs 9.50, or 1.12%, to Rs 860.90 per kg in business turnover of 2,251 lots.
Similarly, the metal for delivery in February traded higher by Rs 9.40, or 1.09%, to Rs 869.10 per kg in 84 lots.
Analysts said besides rising spot demand, a firming trend in the base metals pack at the London Metal Exchange after China's imports rose the most in five months in December, indicating that domestic demand will support economic growth in the world's biggest metals user, helped nickel futures to trade higher.
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First Published: Jan 13 2014 | 10:55 AM IST