Nickel futures rise by Rs 4.80 on global cues, spot demand

Nickel prices moved up by Rs 4.80 to Rs 856.70 per kg in futures trade today after speculators enlarged positions, tracking a firming trend overseas amid rising demand in domestic spot markets.

In futures trading at the Multi Commodity Exchange, nickel for delivery in May gained Rs 4.80 or 0.56 per cent to Rs 856.70 per kg in business turnover of 28 lots.

Similarly, the metal for delivery in current month rose by Rs 3.90 or 0.46 per cent to Rs 849.40 per kg in 177 lots.

Globally, nickel for delivery in three months on the London Metal Exchange climbed 0.9 per cent to USD 13,315 per tonne. The metal prices rose 3.9 per cent to USD 13,195 per tonne on Friday.

In Shanghai the metal for July delivery advanced 3.7 per cent to 101,490 yuan (USD 16,375) per tonne, its upper daily limit.

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Posted in: Indian Market Tips