ET:Nickel futures up 0.78% on global cues; spot demand
NEW DELHI: Nickel prices moved up by 0.78 per cent to Rs 852 per kg in the futures market on Monday as speculators enlarged their positions, tracking a firming trend in base metals overseas amid spot demand.
At the Multi Commodity Exchange, nickel for delivery in August gained Rs 6.60, or 0.78 per cent, to Rs 852 per kg in business turnover of 519 lots.
The metal for delivery in July rose by Rs 5.80, or 0.69 per cent, to trade at Rs 844.80 per kg in 2,024 lots.
In the international market, nickel advanced 0.7 per cent to $ 14,254 per tonne.
Market analysts said apart from increased domestic demand from alloy-makers and firmness in base metals overseas as China moved toward market-set lending rates, raising metals demand outlook and weakness in dollar against euro, influenced nickel futures here.
