Nickel up by 0.4% on firm demand
Speculators enlarged positions, tracking a firming trend in spot market on increased demand from alloy-makers
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Nickel prices moved up by Rs 3.90 to Rs 920.80 per kg in futures market today after speculators enlarged positions, tracking a firming trend in spot market on increased demand from alloy-makers.
Besides, an encouraging trend at the London Metal Exchange supported the upside.
At the Multi Commodity Exchange, nickel for delivery in June gained Rs 3.90, or 0.43%, to Rs 920.80 per kg in business turnover of 56 lots.
In a similar manner, the metal for delivery in May month rose by Rs 3.40, or 0.37%, to Rs 912.80 per kg in 815 lots.
Market analysts said apart from increased domestic demand from alloy-makers and other consuming industries, firmness in base metal overseas, influenced nickel futures here.
Besides, an encouraging trend at the London Metal Exchange supported the upside.
At the Multi Commodity Exchange, nickel for delivery in June gained Rs 3.90, or 0.43%, to Rs 920.80 per kg in business turnover of 56 lots.
In a similar manner, the metal for delivery in May month rose by Rs 3.40, or 0.37%, to Rs 912.80 per kg in 815 lots.
Market analysts said apart from increased domestic demand from alloy-makers and other consuming industries, firmness in base metal overseas, influenced nickel futures here.
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First Published: May 08 2015 | 11:28 AM IST