ET:Nickel futures up 0.44% on global cues, spot demand
NEW DELHI: Tracking a firm global trend on speculation that demand for the metal used in corrosion resistance in stainless steel will increase, nickel prices moved up by 0.44 per cent to Rs 875.70 per kg in futures trade today.
Besides, increased demand from alloy-makers in the domestic spot market further supported the uptrend.
At the Multi Commodity Exchange, nickel for delivery in March moved up by Rs 3.80, or 0.44 per cent to Rs 875.70 per kg in business turnover of 24 lots.
In a similar fashion, the metal for delivery in February traded higher by Rs 3.20, or 0.37 per cent to Rs 867.80 per kg in 918 lots.
Market analysts attributed the rise in nickel prices at futures trade to a firm global trend on speculation that demand for the metal used in corrosion resistance in stainless steel will increase.
Meanwhile, nickel for delivery in three months rose 0.8 per cent to 13,866 dollar a metric tonne on the London Metal Exchange.
