Nickel futures up

PTI New Delhi | Updated on February 21, 2011

Tracking firm trends in other base metals overseas and pick up in domestic demand, nickel prices rose by Rs 11.60 to Rs 1336.90 a kg in futures trade on Monday.

At the Multi Commodity Exchange, nickel prices for delivery in April rose by Rs 11.60, or 0.88 per cent, to Rs 1,336.90 a kg, with an open interest of just one lot.

Similarly, the metal for delivery in February moved up by Rs 9.90, or 0.75 per cent, to Rs 1,324.10 a kg, with a business turnover of two lots.

Market analysts said the rise in nickel futures was mostly due to pick up in demand in the domestic market from alloy makers and a firming trend in copper and other base metals overseas.

Meanwhile, nickel rose by 0.6 per cent to $ 29,320 a tonne, the highest price since April 2008, on the London Metal Exchange.

Published on February 21, 2011

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