ET:Nickel futures up on spot demand, overseas cues
NEW DELHI: Supported by rising demand from alloy-makers and firming global trend, nickel prices were up by 1.14 per cent to Rs 911.70 per kg in futures trade today as speculators created fresh positions.
At the Multi Commodity Exchange, nickel for delivery in August rose by Rs 10.30, or 1.14 per cent to Rs 911.70 per kg in business turnover of 1,409 lots.
Likewise, the metal for September contract added Rs 9.40, or 1.03 per cent, to Rs 918.30 per kg in 95 lots.
Market analysts attributed the rise in nickel futures to speculative positions created by participants following rising demand in the spot markets and a firming global trend.
Meanwhile, nickel advanced 0.9 per cent to USD 14,860 a tonne on the London Metal Exchange.
