ET:Nickel strengthens in futures trade on spot demand
NEW DELHI: Nickel prices rose by Rs 1.50 to Rs 909 per kg in futures trading today as speculators enlarged their positions, tracking a firm trend at spot market on pick up in demand from alloy-maker.
Besides, a firm trend in base metals at the London Metal Exchange also influenced prices.
At the Multi Commodity Exchange, Nickel for delivery in March rose by Rs 1.50, or 0.17 per cent, to Rs 909 per kg in business turnover of 1,442 lots.
Similarly, the metal prices for delivery in April contracts traded higher by Rs 1.30, or 0.14 per cent, to Rs 916.40 per kg in 117 lots.
Market analysts said besides increased buying by speculators on pick-up in demand from alloy-maker in the spot market, a firming trend in the base metals overseas mainly led to rise in nickel futures.
