Nickel futures up 0.65 per cent on MCX

NEW DELHI: Nickel prices rose by 0.65 per cent in the domestic futures market on Thursday the back of firming trends at London Metal Exchange.

At 1215 hrs, August delivery of Nickel traded 0.65 per cent higher at Rs 949 per kg on the Multi Commodity Exchange. The contract traded between Rs 949.50 and Rs 942 and clocked a business volume of 52 lots.

Nickel for most-active July month was also trading up by 0.48 at Rs 937 per kg after moving between Rs 939 and Rs 932 per kg. The contract recorded a significant business volume of 563 lots.

"Expectations of pick up in global demand particularly from steel industries pushed nickel prices up", said Shree Bhagwan, a metal merchant.

Meanwhile, nickel prices at LME were up by 0.7 per cent at 21,600 US dollar a tonne.