NEW DELHI: Supported by a firming trend in the global market and increased demand from alloy-makers, nickel prices rose by 0.89 per cent to Rs 955 per kg in futures trade today as speculators created fresh positions. At the Multi Commodity Exchange, nickel for delivery in April gained Rs 8.40, or 0.89 per cent, to Rs 955 per kg, with a business turnover of 272 lots. Similarly, the metal for delivery in March traded higher by Rs 7, or 0.74 per cent, to Rs 951.10 per kg, in a turnover of 323 lots. Marketmen said the rise in nickel prices at futures trade was mostly on the back of a firming trend at the London Metal Exchange (LME) on speculation that Russian supply will be disrupted. Besides, rising demand from alloy-makers also supported the upside, they said. Globally, nickel, used for corrosion resistance in stainless steel, for delivery in three months at the LME closed at $15,710 a tonne on Friday.

Source