ET:Nickel futures up on strong spot demand, global cues
NEW DELHI: Nickel prices moved up marginally by Rs 2.10 to Rs 973.80 per kg in futures trade today as speculators enlarged positions on the back of pick-up in demand amid a firming trend overseas.
At the Multi Commodity Exchange, nickel for delivery in November moved up by Rs 2.10, or 0.22 per cent, to Rs 973.80 per kg, with a business turnover of 114 lots.
Similarly, the metal for delivery in October traded higher by Rs 1.10, or 0.11 per cent, to Rs 966.60 per kg, with an open interest of 1,628 lots.
Marketmen said besides pick-up in demand from alloy makers in the domestic spot markets, a firming trend in global markets on speculation that moves by central banks will stimulate growth and boost demand for industrial metals, mainly pushed up nickel prices at futures market.
