Nickel up 0.7% on global cues, spot demand
Rising demand from alloy-makers in the spot markets supported the upside
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Nickel prices moved up by 0.72% to Rs 984.20 per kg in futures market today after speculators enlarged positions amid positive cues from global markets.
Besides, rising demand from alloy-makers in the spot markets supported the upside.
At the Multi Commodity Exchange, nickel for delivery in January gained Rs 7, or 0.72%, to Rs 984.20 per kg in a business turnover of 644 lots.
In a similar manner, the metal for delivery this month rose by Rs 6.80, or 0.69%, to Rs 991 per kg in 27 lots.
Market analysts said apart from increased domestic demand from alloy-makers, firmness in metals at the London Metal Exchange (LME) after data showed the economy of the US, the second-biggest consumer of the metal, grew at the fastest pace since 2003, influenced nickel futures here.
Besides, rising demand from alloy-makers in the spot markets supported the upside.
At the Multi Commodity Exchange, nickel for delivery in January gained Rs 7, or 0.72%, to Rs 984.20 per kg in a business turnover of 644 lots.
In a similar manner, the metal for delivery this month rose by Rs 6.80, or 0.69%, to Rs 991 per kg in 27 lots.
Market analysts said apart from increased domestic demand from alloy-makers, firmness in metals at the London Metal Exchange (LME) after data showed the economy of the US, the second-biggest consumer of the metal, grew at the fastest pace since 2003, influenced nickel futures here.
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First Published: Dec 24 2014 | 11:16 AM IST