ET:Nickel futures up on firm global trend, spot demand
NEW DELHI: Nickel prices rose Rs 7 to Rs 957.10 per kg in futures market today after participants built-up positions, taking positive cues from overseas markets amid pick-up in domestic demand from alloy-makers.
At the Multi Commodity Exchange, nickel for delivery in October gained Rs 7, or 0.74 per cent, to Rs 957.10 per kg, with a business turnover of 4,411 lots.
Similarly, the metal for delivery in November traded higher by Rs 6.20, or 0.68 per cent, to Rs 963.70 per kg, with a business turnover of 416 lots.
Globally, nickel traded USD 24, or 0.13 per cent higher at USD 18,099 per tonne at the London Metal Exchange in early trade today.
Marketmen said besides pick-up in demand from alloy- makers in the domestic spot markets, a firming trend in copper and other base metals overseas on the back of bargain buying by investors helped nickel futures to trade higher.
