Nickel up on global cues, spot demand

Speculators enlarge their positions, tracking a firm trend in base metals overseas

Nickel prices rose by Rs 3.50 to Rs 972.70 per kg in futures trade today as speculators enlarged their positions, tracking a firm trend in base metals overseas.

At the Multi Commodity Exchange, the January contract rose by Rs 3.50, or 0.36% to Rs 972.70 per kg in business turnover of 152 lots.

The December contract traded higher by Rs 3.30, or 0.34%, to Rs 966.20 per kg in 1,328 lots.

Market analysts said fresh positions created by speculators supported by a firming trend overseas after data showed China's manufacturing may expand at a faster pace, adding to signs that demand in the world's top metals buyer is recovering, influenced nickel futures here.

 

Besides, rising demand at spot markets particularly from alloy-makers, also influenced prices, they said.