Nickel futures up on LME cues

| | Updated on: Apr 28, 2011

Nickel futures traded marginally higher by 0.2 per cent to Rs 1,200 per kg as speculators covered-up their pending short positions amid a firming trend at the London Metal Exchange (LME).

Better trend at the spot market owing to pick-up in demand from alloy makers also influenced the futures prices here.

At the Multi Commodity Exchange, nickel for delivery in May traded higher by Rs 2.40 or 0.2 per cent at Rs 1,200 per kg with a business turnover of 2,483 lots. Similarly, June contract gained Rs 1.90 or 0.16 per cent to Rs 1,208 per kg with a business volume of 72 lots.

Meanwhile, the metal gained one per cent to $26,891 a tonne at the LME in the early trade today.

Analysts said a firming trend in copper and other base metals at the LME, as a weaker dollar raised the demand for the commodities, and a firming trend in the domestic market influenced the nickel futures prices.

Published on April 28, 2011

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