Nickel futures gain 1.29 pct on spot demand

Written by Agencies | New Delhi | Updated: Jan 31 2011, 23:01pm hrs
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 per kg on Monday.

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

At the London Metal Exchange, nickel gained 1.2 per cent to USD 26,925 per 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 the nickel futures here.