 "Nickel recovers 0.5% on global cues")
Buoyed by a firming trend in base metals overseas, nickel futures regained strength to trade 0.50 per cent higher at Rs 845.90 per kg today as speculators created fresh positions.
Furthermore, rising demand at domestic spot markets from alloy-makers supported the upside.
At Multi Commodity Exchange, nickel for delivery in June contracts rose Rs 4.20, or 0.50 per cent, to Rs 845.90 per kg in business turnover of 107 lots.
Market analysts said a firming trend at the London Metal Exchange (LME) where entire base metals strengthened as manufacturing data from China, the world's biggest consumer, signalled the first improvement in three months, mainly led to rise in nickel futures here.
Furthermore, rising demand at domestic spot markets from alloy-makers supported the upside.
At Multi Commodity Exchange, nickel for delivery in June contracts rose Rs 4.20, or 0.50 per cent, to Rs 845.90 per kg in business turnover of 107 lots.
Also Read
Metal for delivery in May was up Rs 3.80, or 0.46 per cent, to Rs 837.60 per kg in 2,210 lots.
Market analysts said a firming trend at the London Metal Exchange (LME) where entire base metals strengthened as manufacturing data from China, the world's biggest consumer, signalled the first improvement in three months, mainly led to rise in nickel futures here.