Nickel up 0.4% on strong global cues, domestic demand
Metal for delivery in July traded higher by 0.43%
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Nickel prices rose by 0.44% to Rs 1,128.60 per kg in futures trade today as speculators created fresh positions, supported by a firming trend in the global market and increased demand from domestic alloy-makers.
At the Multi Commodity Exchange, nickel for delivery in June gained by Rs 5, or 0.44%, to Rs 1,128.60 per kg, with a business turnover of 1,295 lots.
Similarly, the metal for delivery in July traded higher by Rs 4.90, or 0.43%, to Rs 1,133.70 per kg, in a turnover of 50 lots.
Marketmen said the rise in nickel futures prices was mostly due to a firming trend in base metals in global markets amidst speculation that demand will stabilise in China and the US, the world's largest metal consumers.
Besides, rising demand in the spot markets from alloy-makers influenced metal prices, they said.
At the Multi Commodity Exchange, nickel for delivery in June gained by Rs 5, or 0.44%, to Rs 1,128.60 per kg, with a business turnover of 1,295 lots.
Similarly, the metal for delivery in July traded higher by Rs 4.90, or 0.43%, to Rs 1,133.70 per kg, in a turnover of 50 lots.
Marketmen said the rise in nickel futures prices was mostly due to a firming trend in base metals in global markets amidst speculation that demand will stabilise in China and the US, the world's largest metal consumers.
Besides, rising demand in the spot markets from alloy-makers influenced metal prices, they said.
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First Published: Jun 17 2014 | 1:14 PM IST