Nickel up by 0.7% on spot demand
Traders enlarged positions amid a firming trend in the spot market on increased demand from alloy makers
 "Nickel up by 0.7% on spot demand")
Nickel prices gained 0.74% to Rs 639.50 per kg in futures market today as traders enlarged positions amid a firming trend in the spot market on increased demand from alloy makers.
However, a weak trend in select base metals overseas capped the gains.
At the Multi Commodity Exchange, nickel for delivery this month gained Rs 4.70, or 0.74%, to Rs 639.50 per kg in a business turnover of 888 lots.
Similarly, the metal for delivery in October rose by Rs 5.30, or 0.70%, to Rs 646 per kg in 61 lots.
Analysts said besides rising demand from alloy makers at domestic spot markets, covering-up of short positions by speculators also influenced nickel futures here.
However, a weak trend in select base metals overseas capped the gains.
At the Multi Commodity Exchange, nickel for delivery this month gained Rs 4.70, or 0.74%, to Rs 639.50 per kg in a business turnover of 888 lots.
Similarly, the metal for delivery in October rose by Rs 5.30, or 0.70%, to Rs 646 per kg in 61 lots.
Analysts said besides rising demand from alloy makers at domestic spot markets, covering-up of short positions by speculators also influenced nickel futures here.
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First Published: Sep 23 2015 | 12:28 PM IST