 "Nickel rises by 1.7% on firm demand")
Nickel prices shot up by 1.68% to Rs 709.50 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.
Besides, rebound in base metals in the global markets supported the upside.
At the Multi Commodity Exchange, nickel for delivery in July gained Rs 11.70, or 1.68%, to Rs 709.50 per kg in business turnover of 2,025 lots.
Market analysts said apart from increased domestic demand from alloy-makers, recovery in copper and other base metals at the London Metal Exchange (LME) influenced nickel prices at futures trade.
Besides, rebound in base metals in the global markets supported the upside.
At the Multi Commodity Exchange, nickel for delivery in July gained Rs 11.70, or 1.68%, to Rs 709.50 per kg in business turnover of 2,025 lots.
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The metal for delivery in August was trading higher by Rs 11.60, or 1.64%, to Rs 717 per kg in 138 lots.
Market analysts said apart from increased domestic demand from alloy-makers, recovery in copper and other base metals at the London Metal Exchange (LME) influenced nickel prices at futures trade.