 "Nickel up 1.8% on global cues")
Buoyed by a firming trend overseas, nickel prices moved up notably by 1.89% to Rs 1,118 per kg in futures trading today as speculators created fresh positions.
Besides, rising demand at domestic spot markets from alloy-makers also supported the upside.
At the Multi Commodity Exchange, nickel for delivery in May rose by Rs 20.70, or 1.89%, to Rs 1,118 per kg in business turnover of 1,237 lots.
Market analysts said a firming at the London Metal Exchange (LME) where nickel advanced to a 15-month high on concern that inventories are shrinking on Indonesia's export ban, while rising unrest in Ukraine adds to the risk of supply disruption from Russia, mainly led to rise in nickel futures here.
Meanwhile, nickel for delivery in three months contracts climbed 1.20% to 18,495 dollar a metric tonne at the LME.
Besides, rising demand at domestic spot markets from alloy-makers also supported the upside.
At the Multi Commodity Exchange, nickel for delivery in May rose by Rs 20.70, or 1.89%, to Rs 1,118 per kg in business turnover of 1,237 lots.
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Metal for delivery in June rose by a similar margin to trade at Rs 1,123.70 per kg in 43 lots.
Market analysts said a firming at the London Metal Exchange (LME) where nickel advanced to a 15-month high on concern that inventories are shrinking on Indonesia's export ban, while rising unrest in Ukraine adds to the risk of supply disruption from Russia, mainly led to rise in nickel futures here.
Meanwhile, nickel for delivery in three months contracts climbed 1.20% to 18,495 dollar a metric tonne at the LME.