Nickel gains on spot demand

PTI New Delhi | Updated on January 31, 2011 Published on January 31, 2011

Tracking firming trend in other base metals overseas and strong spot demand, nickel futures traded 1.29 per cent higher at Rs 1,240.20 a kg on Monday.

Nickel for delivery in January traded Rs 18.40 or 1.29 per cent higher to Rs 1,240.20 a kg with a trade turnover of three lots.

Similarly, the metal for delivery in February also moved up by Rs 14.60 or 1.19 per cent to Rs 1,239 a kg, with a business turnover of three lots.

At the London Metal Exchange, nickel gained 1.2 per cent to $26,925 a tonne.

Marketmen said apart from strong demand at the domestic markets from alloy makers, firming trend in base metals overseas on speculation that demand from China, world’s largest consumer of metal would increase, also influenced futures here.

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Published on January 31, 2011
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