Agri Business

Nickel futures extend gains on spot demand

PTI New Delhi | Updated on January 06, 2011

Buoyed by the rising domestic demand and firming trend overseas, nickel futures traded 0.24 per cent higher at Rs 1,137.30 a kg on Thursday.

At the Multi Commodity Exchange platform, nickel for delivery in January traded Rs 2.70 or 0.24 per cent higher to Rs 1,137.30 a kg, with a trade turnover of four lots.

Similarly, the metal for delivery in February also moved up by Rs 2.50 or 0.22 per cent to Rs 1,147.30 a kg, with a business turnover of two lots.

Globally, nickel gained one per cent to $25,000 a tonne at the London Metal Exchange.

Market analysts said besides firming trend in base metals overseas following better-than-expected US economic data, good demand from alloy makers for the metal at the spot market from alloy makers, also supported the upside in futures here.

Published on January 06, 2011

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