Nickel up 0.1% on firm demand, global cues

Metal for delivery in three months climbed 0.6%

Nickel prices moved up by 0.15% to Rs 1,042.90 per kg in futures market today as speculators enlarged their positions, tracking a firming trend in spot market on increased demand from alloy-makers.

Besides, an encouraging trend at the London Metal Exchange (LME) supported the upside.

At the Multi Commodity Exchange, nickel for delivery in May gained Rs 1.60, or 0.15%, to Rs 1,042.90 per kg in business turnover of 84 lots.

In a similar fashion, the metal for delivery in April rose Rs 1.30, or 0.13%, to Rs 1,036.10 per kg in 641 lots.

Globally, nickel for delivery in three months climbed 0.6% to $17,190 per tonne on the London Metal Exchange.
 

Market analysts said apart from increased domestic demand from alloy-makers, a firming trend in metal at the LME on concern that Indonesia's ore export ban will limit global supplies amid stronger demand, mainly supported the upside in nickel futures here.