ET:Nickel futures up 1.47% on firm demand, global cues
NEW DELHI: Nickel prices moved up by 1.47 per cent to Rs 929.30 per kg in futures market today as speculators enlarged their positions, tracking a firming trend in the global market.
Besides, an encouraging trend in the domestic spot markets on the back of strong demand from alloy-makers supported the upside.
At the Multi Commodity Exchange, nickel for delivery in September gained Rs 13.50, or 1.47 per cent, to Rs 929.30 per kg in business turnover of 79 lots.
Similarly, the metal for delivery in August rose by Rs 13.10, or 1.44 per cent, to Rs 922.40 per kg in 1,225 lots.
Market analysts said apart from increased domestic demand from alloy-makers, firmness in base metals at the London Metal Exchange (LME) after an unexpected drop in US jobless claims and expanded manufacturing data also influenced nickel futures here.
In the international market, nickel climbed 1.4 per cent to $14,930 a tonne at the LME.
