Nickel up 0.6% on global cues, spot demand
Metal for delivery in November rose by 0.53%
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Nickel prices recovered by 0.56% to Rs 1,012.20 per kg in the futures market today amid a firming trend in base metals overseas.
Besides, pick up in demand from alloy-makers in the spot markets, supported the upside.
At the Multi Commodity Exchange, nickel for delivery in October gained Rs 5.60, or 0.56%, to Rs 1,012.120 per kg in a business turnover of 535 lots.
The metal for delivery in November rose Rs 5.40, or 0.53%, to Rs 1,019 per kg in nine lots.
Market analysts said apart from increased domestic demand from alloy-makers, firmness in base metals on the London Metal Exchange (LME) before trade data from China, the world's largest metals consumer, influenced nickel futures here.
Besides, pick up in demand from alloy-makers in the spot markets, supported the upside.
At the Multi Commodity Exchange, nickel for delivery in October gained Rs 5.60, or 0.56%, to Rs 1,012.120 per kg in a business turnover of 535 lots.
The metal for delivery in November rose Rs 5.40, or 0.53%, to Rs 1,019 per kg in nine lots.
Market analysts said apart from increased domestic demand from alloy-makers, firmness in base metals on the London Metal Exchange (LME) before trade data from China, the world's largest metals consumer, influenced nickel futures here.
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First Published: Oct 13 2014 | 11:26 AM IST