Nickel gains 0.47% on global cues; spot demand

Speculators enlarge positions on higher offtake from alloy makers

 

Nickel prices rose 0.47 per cent to Rs 927.60 per kg in futures trade today as speculators enlarged positions on positive cues from global markets.

Further, increased demand from alloy-makers in the spot market, supported the uptrend.

At the Multi Commodity Exchange, nickel for delivery in January traded higher by Rs 4.30, or 0.47 per cent, to Rs 927.60 per kg in a business turnover of 755 lots.

The February contract traded higher by Rs 3.10, or 0.33 per cent, to Rs 933.30 per kg in 21 lots.

Analysts attributed the rise in nickel futures to a firm global trend and rising demand at domestic spot markets from alloy makers.