ET:Nickel futures up 0.62 per cent on firm demand, global cues
NEW DELHI: Nickel prices moved up by 0.62 per cent to Rs 892 per kg in futures market today as speculators enlarged their positions, tracking a firming trend in spot market on increased demand from alloy-makers.
Besides, an encouraging trend copper and other base metals in the global markets supported the upside.
At the Multi Commodity Exchange, nickel for delivery in March gained Rs 5.50, or 0.62 per cent, to Rs 892 per kg in business turnover of 20 lots.
In a similar fashion, the metal for delivery in February rose by Rs 5.10, or 0.58 per cent, to Rs 884.50 per kg in 436 lots.
Market analysts said apart from increased domestic demand from alloy-makers, a firming trend in base metals at the London Metal Exchange after China's trade surplus widened more than estimated in January and as imports of the commodity rose, mainly supported the upside in nickel futures here.
