 "Nickel futures up on firm demand")
Nickel prices moved up by Rs 1.60 to Rs 1,131.40 per kg in futures market today after speculators enlarged positions, tracking a firming trend in spot market on increased demand from alloy-makers.
Besides, an encouraging trend in select base metals in the global markets supported the upside.
At the Multi Commodity Exchange, nickel for delivery in September gained Rs 1.60, or 0.14%, to Rs 1,131.40 per kg in business turnover of 531 lots.
Globally, nickel gained as much as 0.5% to $18,584 per tonne at the London Metal Exchange.
Market analysts said apart from increased domestic demand from alloy-makers, firmness in select base metals overseas, pushed up nickel prices at futures trade here.
Besides, an encouraging trend in select base metals in the global markets supported the upside.
At the Multi Commodity Exchange, nickel for delivery in September gained Rs 1.60, or 0.14%, to Rs 1,131.40 per kg in business turnover of 531 lots.
Also Read
In a similar fashion, the metal for delivery in current month rose by Rs 1.30, or 0.12%, to Rs 1,124.20 per kg in 531 lots.
Globally, nickel gained as much as 0.5% to $18,584 per tonne at the London Metal Exchange.
Market analysts said apart from increased domestic demand from alloy-makers, firmness in select base metals overseas, pushed up nickel prices at futures trade here.