Nickel rises 0.2% on spot demand
Covering-up of short positions by speculators also led to rise in prices
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Nickel prices moved up by 0.17% to Rs 1,134.20 per kg in futures trade today on pick up in demand from consuming industries in the spot market amid covering up of pending short positions by speculators.
However, weakness in select base metals at the London Metal Exchange (LME) limited gains.
At the Multi Commodity Exchange, nickel for delivery in August moved up by Rs 1.90, or 0.17%, to Rs 1,134.20 per kg in business turnover of 198 lots.
Similarly, the metal for delivery in September gained Rs 1.30, or 0.11% to Rs 1,139.50 per kg in 102 lots.
Market analysts said besides pick-up in demand from consuming industries, covering-up of short positions by speculators led to rise in nickel prices at futures trade.
However, weakness in select base metals at the London Metal Exchange (LME) limited gains.
At the Multi Commodity Exchange, nickel for delivery in August moved up by Rs 1.90, or 0.17%, to Rs 1,134.20 per kg in business turnover of 198 lots.
Similarly, the metal for delivery in September gained Rs 1.30, or 0.11% to Rs 1,139.50 per kg in 102 lots.
Market analysts said besides pick-up in demand from consuming industries, covering-up of short positions by speculators led to rise in nickel prices at futures trade.
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First Published: Aug 28 2014 | 11:20 AM IST