ET:Nickel rises 1.89 % in futures trade on glo cues
NEW DELHI:Buoyed by a firming trend overseas, nickel prices moved up notably by 1.89 per cent to Rs 1,118 per kg in futures trading today as speculators created fresh positions.
Besides, rising demand at domestic spot markets from alloy-makers also supported the upside.
At the Multi Commodity Exchange, nickel for delivery in May rose by Rs 20.70, or 1.89 per cent, to Rs 1,118 per kg in business turnover of 1,237 lots.
Market analysts said a firming at the London Metal Exchange (LME) where nickel advanced to a 15-month high on concern that inventories are shrinking on Indonesia's export ban, while rising unrest in Ukraine adds to the risk of supply disruption from Russia, mainly led to rise in nickel futures here.
Meanwhile, nickel for delivery in three months contracts climbed 1.20 per cent to 18,495 dollar a metric tonne at the LME.
