Nickel up 0.1% on positive global cues, spot demand
Metal for delivery this month rose by 0.07%
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Nickel prices rose 0.13% to Rs 966.60 per kg in the futures market today as speculators engaged in enlarging positions after the metal strengthened overseas.
Besides, increased demand in spot markets from domestic alloy makers influenced nickel prices.
At the Multi Commodity Exchange, nickel for delivery in January gained Rs 1.30, or 0.13%, to Rs 966.60 per kg in a business turnover of 92 lots.
The metal for delivery this month rose by 70 paise, or 0.07%, to trade at Rs 957 per kg in 417 lots.
Analysts said apart from increased domestic demand from alloy-makers, firmness in metal at the London Metal Exchange (LME) as signs of further slowing in China increase prospects of stimulus to spur economic growth in the biggest metals consumer, supported the upside.
Besides, increased demand in spot markets from domestic alloy makers influenced nickel prices.
At the Multi Commodity Exchange, nickel for delivery in January gained Rs 1.30, or 0.13%, to Rs 966.60 per kg in a business turnover of 92 lots.
The metal for delivery this month rose by 70 paise, or 0.07%, to trade at Rs 957 per kg in 417 lots.
Analysts said apart from increased domestic demand from alloy-makers, firmness in metal at the London Metal Exchange (LME) as signs of further slowing in China increase prospects of stimulus to spur economic growth in the biggest metals consumer, supported the upside.
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First Published: Dec 30 2014 | 1:26 PM IST