Nickel recovers in futures trade

PTI New Delhi | Updated on June 21, 2011

Tracking gains in other base metals on firming overseas trend, nickel prices edged up by 0.58 per cent in futures trade today.

A better trend at the domestic spot markets on the back of pick-up in demand from alloy makers also influenced nickel futures prices.

At the Multi Commodity Exchange, nickel for delivery in July moved up by Rs 5.70 or 0.58 per cent to Rs 995 per kg, with a business volume of 683 lots.

Likewise, the metal for delivery in June traded Rs 5.40 or 0.55 per cent higher at Rs 985.70 per kg, with a trade turnover of 5,741 lots.

Market analysts said there was firmness in nickel at the London Metal Exchange on easing concern about Greece’s debt woes after assurances from European officials that a solution will be found.

Meanwhile, nickel climbed 0.5 per cent to $ 21,750 per tonne in early trade on the London Metal Exchange.

Published on June 21, 2011

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