Commodities

Nickel futures gains on global cues

PTI New Delhi | Updated on May 09, 2011

Nickel prices moved up by 1.22 per cent to Rs 1,124.40 per kg at the futures trade today as speculators enlarged their positions, tracking firming trend overseas.

Better trend at the spot market on the back of pick-up in demand from alloy makers also supported the upside in nickel futures prices here.

At the Multi Commodity Exchange, nickel for delivery in May traded higher by Rs 13.50 or 1.22 per cent at Rs 1,124.40 per kg with a business turnover of 2,663 lots. Likewise, June contract gained Rs 13.60 or 1.21 per cent to Rs 1,134.70 per kg with a business volume of 180 lots.

Market analysts said a firming trend in copper and other base metals at the LME along with pick-up in demand from alloy makers at the domestic spot market influenced the nickel futures prices here.

Published on May 09, 2011

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