Nickel futures up by Rs 6 on global cues, spot demand
At the Multi Commodity Exchange, nickel for delivery in May gained Rs 6 or 0.70 per cent to Rs 865.80 per kg in a business turnover of 584 lots.
By PTI | Updated:
NEW DELHI: Nickel prices moved up by Rs 6 to Rs 865.80 per kg in futures market today as speculators enlarged positions amid a firming trend overseas and spot demand.
Besides, covering-up of short positions supported the upside.
At the Multi Commodity Exchange, nickel for delivery in May gained Rs 6 or 0.70 per cent to Rs 865.80 per kg in a business turnover of 584 lots.
The metal for delivery in April rose by Rs 5.90 or 0.57 per cent to trade at Rs 858.80 per kg in 787 lots.
Globally, nickel for delivery in three months rose 1.1 per cent to USD 13,570 a tonne on the London Metal Exchange.
Analysts said apart from increased domestic demand from alloy-makers, firmness in metal at the LME after negotiations failed to halt a strike at the world's second-largest ferro-nickel mine, influenced nickel prices at futures trade here.
The metal used in stainless steel has climbed 9.5 per cent in April, the first monthly advance since January.
Besides, covering-up of short positions supported the upside.
At the Multi Commodity Exchange, nickel for delivery in May gained Rs 6 or 0.70 per cent to Rs 865.80 per kg in a business turnover of 584 lots.
The metal for delivery in April rose by Rs 5.90 or 0.57 per cent to trade at Rs 858.80 per kg in 787 lots.
Globally, nickel for delivery in three months rose 1.1 per cent to USD 13,570 a tonne on the London Metal Exchange.
Analysts said apart from increased domestic demand from alloy-makers, firmness in metal at the LME after negotiations failed to halt a strike at the world's second-largest ferro-nickel mine, influenced nickel prices at futures trade here.
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The metal used in stainless steel has climbed 9.5 per cent in April, the first monthly advance since January.
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