 "Nickel up 1.2% on global cues")
Buoyed by a firming trend overseas, nickel prices moved up by 1.25% to Rs 1,101.20 per kg in futures trading today as speculators created fresh positions.
Besides, rising demand at domestic spot markets from alloy-makers also supported the upside.
At the Multi Commodity Exchange, nickel for delivery in April rose by Rs 12.60, or 1.25%, to Rs 1,101.20 per kg in business turnover of 2,378 lots.
Market analysts said speculative positions created by participants in tandem with a firm global trend after nickel advanced to a 14-month high on concern that escalating tension in Ukraine may disrupt supplies from Russia and Indonesia's ban on ore exports, mainly led to rise in nickel prices at futures trade.
Meanwhile, nickel advanced 1.90% to 18,260 dollar a metric tonne on the London Metal Exchange.
Besides, rising demand at domestic spot markets from alloy-makers also supported the upside.
At the Multi Commodity Exchange, nickel for delivery in April rose by Rs 12.60, or 1.25%, to Rs 1,101.20 per kg in business turnover of 2,378 lots.
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Similarly, the metal for delivery in May traded higher by Rs 12.80, or 1.17% to Rs 1,106.70 per kg in 358 lots.
Market analysts said speculative positions created by participants in tandem with a firm global trend after nickel advanced to a 14-month high on concern that escalating tension in Ukraine may disrupt supplies from Russia and Indonesia's ban on ore exports, mainly led to rise in nickel prices at futures trade.
Meanwhile, nickel advanced 1.90% to 18,260 dollar a metric tonne on the London Metal Exchange.