Nickel up by 0.4% on spot demand

Increased domestic demand from alloy-makers influenced nickel prices

Nickel prices moved up by 0.35% to Rs 818.80 per kg in the futures market today as speculators enlarged their positions tracking a firming trend in spot market on increased demand from alloy-makers.

 

At the Multi Commodity Exchange, nickel for delivery in July gained Rs 2.50, or 0.35%, to Rs 818.80 per kg in business turnover of 1,299 lots.

 

The metal for delivery in August rose by Rs 2.10, or 0.30%, to trade at Rs 827.40 per kg in 344 lots.

 

Market analysts said, apart from increased domestic demand from alloy-makers, firmness in base metal overseas influenced nickel futures here.

 

At the London Metal Exchange, nickel traded a shade higher at $13,848 per tonne.