 "Nickel up 0.5% on firm demand, global cues")
Nickel prices moved up by 0.49% to Rs 886 per kg in futures market today after speculators created positions, tracking a firming trend in spot market on increased demand from alloy-makers.
Besides, an encouraging trend copper and other base metals in the global markets supported the upside.
At the Multi Commodity Exchange, nickel for delivery in December gained Rs 4.30, or 0.49%, to Rs 886 per kg in business turnover of 430 lots.
Market analysts said apart from increased domestic demand from alloy-makers, firmness in copper and other base metals at the London Metal Exchange after China's central bank injected funds, helping ease surging financing costs also influenced nickel futures here.
Besides, an encouraging trend copper and other base metals in the global markets supported the upside.
At the Multi Commodity Exchange, nickel for delivery in December gained Rs 4.30, or 0.49%, to Rs 886 per kg in business turnover of 430 lots.
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In a similar fashion, the metal for delivery in January 2014 contracts up by Rs 3.40, or 0.38%, to Rs 892.60 per kg in 45 lots.
Market analysts said apart from increased domestic demand from alloy-makers, firmness in copper and other base metals at the London Metal Exchange after China's central bank injected funds, helping ease surging financing costs also influenced nickel futures here.