ET:Nickel futures strengthen on spot demand, global cues
NEW DELHI: Nickel futures today moved up marginally by 0.06 per cent, largely on the back of pick-up in spot demand from alloy makers amid a firming trend in base metals overseas.
At the Multi Commodity Exchange, prices for the May contract rose by 60 paise, or 0.06 per cent, to Rs 941.50 per kg, clocking a turnover of 720 lots.
Similarly, the metal for delivery in June was trading higher by 40 paise, or 0.04 per cent, at Rs 951.20 per kg, with a trading volume of 100 lots.
Meanwhile, nickel added 0.20 per cent to USD 17,085 a tonne in early trade today on the London Metal Exchange (LME).
Analysts said besides pick-up in domestic demand from alloy-makers, a firming trend in copper and other base metals at the LME supported the rise in nickel futures here.
