 "Nickel up by 0.3% on firm demand, global cues")
Nickel prices were up by 0.30% to Rs 1,142.40 per kg in futures market today as speculators enlarged positions amid a firming trend in spot market on increased demand from alloy-makers.
Further, an encouraging trend in copper and other base metals in the global markets, supported the upside.
At the Multi Commodity Exchange, nickel for delivery in September gained Rs 3.40, or 0.30%, to Rs 1,142.40 per kg in a business turnover of 8 lots.
Analysts said besides rising demand from alloy-makers at domestic spot markets, a firming trend at the London Metal Exchange (LME) amidst speculation that demand may rise in China after below-target inflation signalled room for policy easing in the world's largest user, influenced nickel futures.
Further, an encouraging trend in copper and other base metals in the global markets, supported the upside.
At the Multi Commodity Exchange, nickel for delivery in September gained Rs 3.40, or 0.30%, to Rs 1,142.40 per kg in a business turnover of 8 lots.
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Similarly, the metal for delivery in August rose by Rs 2.90, or 0.26%, to Rs 1,135.80 per kg in 176 lots.
Analysts said besides rising demand from alloy-makers at domestic spot markets, a firming trend at the London Metal Exchange (LME) amidst speculation that demand may rise in China after below-target inflation signalled room for policy easing in the world's largest user, influenced nickel futures.