Nickel recovers

PTI New Delhi | Updated on July 04, 2011

Buoyed by a firming trend at the London Metal Exchange, nickel prices edged up by 0.72 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 7.50 or 0.72 per cent to Rs 1,045.40 per kg, with a business volume of 91 lots.

Likewise, the metal for delivery in August traded Rs 7.30 or 0.70 per cent higher at Rs 1,054.50 per kg, with a trade turnover of 1,855 lots.

Market analysts said firmness in nickel and other base metals at the London Metal Exchange, supported by strong US manufacturing data for June and pick up in demand from alloy-makers at the spot markets, mainly influenced nickel futures prices here.

Meanwhile, nickel climbed by one per cent in early trade on the London Metal Exchange.

Published on July 04, 2011

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