ET:Nickel futures up on spot demand, overseas cues
NEW DELHI: Supported by rising demand from alloy-makers and firming global trend, nickel prices up by 0.52 per cent to Rs 816.20 per kg in futures trade today as speculators created fresh positions.
At the Multi Commodity Exchange, nickel for delivery in July rose by Rs 4.20, or 0.52 per cent to Rs 816.20 per kg in business turnover of 3,141 lots.
Likewise, the metal for August contract added Rs 4.30, or 0.52 per cent, to Rs 824.40 per kg in 1,168 lots.
Market analysts attributed the rise in nickel futures to fresh positions created by speculators following rising demand in the spot markets and a firming global trend.
Besides, covering-up of pending short positions ahead of monthly settlement also supported the upside, they said.
