IE:Nickel futures up on strong spot demand, global cues
Supported by firm demand from alloy-makers and a firming trend overseas, nickel prices moved up by Rs 5.60 to Rs 912.50 per kg in futures trade today as speculators enlarged positions.
At the Multi Commodity Exchange, nickel for delivery in October rose by Rs 5.60, or 0.62 per cent, to Rs 912.50 per kg, with a business turnover of 3,082 lots. Similarly, the metal for delivery in November traded higher by Rs 5.60, or 0.61 per cent, to Rs 920.60 per kg, with an open interest of 349 lots.
Marketmen said besides pick-up in demand from alloy makers in the domestic spot markets, a firming trend in global markets on the back of encouraging economic data for September from China, mainly pushed up nickel prices at futures market.
