Nickel up by 1.5% on firm demand

An encouraging trend in the domestic spot markets on the back of strong demand influenced prices

Nickel prices moved up by 1.47% to Rs 929.30 per kg in futures market today as speculators enlarged their positions, tracking a firming trend in the global market.

 

Besides, an encouraging trend in the domestic spot markets on the back of strong demand from alloy-makers supported the upside.

 

At the Multi Commodity Exchange, nickel for delivery in September gained Rs 13.50, or 1.47%, to Rs 929.30 per kg in business turnover of 79 lots.

 

Similarly, the metal for delivery in August rose by Rs 13.10, or 1.44%, to Rs 922.40 per kg in 1,225 lots.

 

Market analysts said apart from increased domestic demand from alloy-makers, firmness in base metals at the London Metal Exchange (LME) after an unexpected drop in US jobless claims and expanded manufacturing data  also influenced nickel futures here.

 

 

In the international market, nickel climbed 1.4% to $14,930 a tonne at the LME.