Nickel up 0.61% in futures trade on spot demand, global cues

Supported by rising spot demand and a firming trend overseas, nickel prices moved up 0.61% to Rs 1,112.90 per kg in futures market today as speculators built up positions.

 

At the Multi Commodity Exchange, nickel for delivery in September gained Rs 6.70, or 0.61%, to Rs 1,112.90 per kg, clocking a business turnover of 651 lots.

 

In a similar fashion, the metal for delivery in October moved up by Rs 6.50, or 0.58%, to Rs 1,121.10 per kg in 15 lots.

 

Market analysts said apart from increased domestic demand from alloy-makers, firmness trend overseas, as most industrial metals advanced on speculation that recent price declines were excessive, mainly influenced nickel futures prices.

 

At the London Metal Exchange, nickel was up 1% at $18,231 per tonne.