ET:Nickel moves up in futures trade on firm spot market
NEW DELHI: Nickel prices moved up by Rs 2.90 to Rs 840.20 per kg in futures trading on Wednesday as speculators created fresh positions, driven by a firming trend at spot markets on industrial demand.
At the Multi Commodity Exchange, nickel for delivery in June rose by Rs 2.90, or 0.35 per cent, to Rs 840.20 per kg in business turnover of 339 lots.
Similarly, the metal for delivery in May traded higher by Rs 2.40, or 0.29 per cent, to Rs 833.40 per kg in 1,515 lots.
Market analysts said speculators created fresh positions in tandem with a firm trend at spot markets on the back of pick-up in demand form alloy-makers, mainly led to rise in nickel prices at futures trade.
However, metal's weakness at the London Metal Exchange, capped the gains, they said.
Meanwhile, nickel traded a shade lower at $ 14,890 a metric tonne on the London Metal Exchange.
