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Nickel gains 0.33% as demand picks up

Higher offtake from alloy makers adds to positive sentiment

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Press Trust of India New Delhi

Tracking a firming trend in the overseas markets on better demand outlook, nickel rose by 0.33% to Rs 935.80 per kg in futures trade today.

Strong demand in the spot markets from alloy-makers also influenced nickel futures.

At the Multi Commodity Exchange, nickel for delivery in June rose by Rs 3.10, or 0.37%, to Rs 935.80 per kg, with a business turnover of 1,732 lots.

July nickel edged up by Rs 3, or 0.32%, to Rs 943.80 per kg, with a business turnover of 420 lots.

Analysts attributed the rise in nickel futures prices to increased demand from alloy-makers in the spot market and a firming trend in copper and other base metals at the London Metal Exchange (LME).

 

Meanwhile, nickel gained as much as 0.33% to $16,475 a tonne at the LME on an improved demand outlook in the US after data showed new home sales surged in May to a two-year high.

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First Published: Jun 26 2012 | 12:43 PM IST

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