 "Nickel futures up 0.9% on firm demand, global cues")
Nickel prices moved up by 0.88% to Rs 1,094.80 per kg in futures market today after speculators enlarged positions amid a firming trend in the market due to increased demand from alloy-makers.
Besides, an encouraging trend in copper and other base metals in the global markets was seen as Chinese demand outlook improved sentiments.
At the Multi Commodity Exchange, nickel for delivery in July gained Rs 9.50, or 0.8%, to Rs 1,094.80 per kg in business turnover of 26 lots.
Market analysts said apart from rising domestic demand from alloy-makers, a firming trend at the London Metal Exchange (LME) after an increase in industrial production in China eased concern that demand from the world's largest metals user will decline, also influenced nickel futures here.
Globally, at the LME, nickel for delivery in three months rose as much as 2.2% to $16,225 per tonne.
Besides, an encouraging trend in copper and other base metals in the global markets was seen as Chinese demand outlook improved sentiments.
At the Multi Commodity Exchange, nickel for delivery in July gained Rs 9.50, or 0.8%, to Rs 1,094.80 per kg in business turnover of 26 lots.
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The metal for delivery in June rose Rs 9.20, or 0.85%, to Rs 1,089.60 per kg in 1,071 lots.
Market analysts said apart from rising domestic demand from alloy-makers, a firming trend at the London Metal Exchange (LME) after an increase in industrial production in China eased concern that demand from the world's largest metals user will decline, also influenced nickel futures here.
Globally, at the LME, nickel for delivery in three months rose as much as 2.2% to $16,225 per tonne.