Nickel strengthens on spot demand, overseas trend

NEW DELHI: Supported by pick up in demand at the spot markets and firming trend overseas, nickel prices rose 0.09 per cent, or Re one, to Rs 1,037.70 per kg in futures trade today.

At the Multi Commodity Exchange counter, nickel for delivery in October-month traded Re one, or 0.09 per cent higher, to Rs 1,037.80 per kg, with a turnover of 352 lots.

The metal for delivery in September contract also gained 40 paisa, or 0.04 per cent, to Rs 1,028.60 per kg, clocked a turnover of 2,892 lots.

Analysts said besides strong demand at spot markets from alloy makers, firming trend in the entire base metals pack in global markets after a weak dollar boosted demand for the raw material, as an investment option, influenced the nickel futures prices here.

Besides, the Federal Reserve's statement that it is willing to ease monetary policy further to spur growth, also influenced prices, they added.