 "Nickel up 0.9% on firm demand, global cues")
Nickel prices moved up by 0.98% to Rs 937.60 per kg in futures market today as speculators enlarged their positions, tracking a firming trend in Asian trade.
Besides, an encouraging trend in the domestic spot markets on the back of strong demand from alloy-makers supported the upside.
At the Multi Commodity Exchange, nickel for delivery in August gained Rs 9.10, or 0.98%, to Rs 937.60 per kg in business turnover of 639 lots.
Market analysts said apart from increased domestic demand from alloy-makers, firmness in base metals at the Shanghai Futures Exchange, as plunge in new homes sales in July raised speculation that Federal Reserve may hold off on curbing US stimulus in September, also influenced nickel futures here.
Besides, an encouraging trend in the domestic spot markets on the back of strong demand from alloy-makers supported the upside.
At the Multi Commodity Exchange, nickel for delivery in August gained Rs 9.10, or 0.98%, to Rs 937.60 per kg in business turnover of 639 lots.
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Similarly, nickel for delivery in September rose by Rs 9, or 0.96%, to Rs 945.20 per kg in 97 lots.
Market analysts said apart from increased domestic demand from alloy-makers, firmness in base metals at the Shanghai Futures Exchange, as plunge in new homes sales in July raised speculation that Federal Reserve may hold off on curbing US stimulus in September, also influenced nickel futures here.