Nickel futures rise on spot demand

Nickel prices shot up by Rs 8.50 to Rs 1,195.50 per kg in futures trade as speculators indulged in enlarging their positions.

Written by Agencies

March 23, 2011 12:55 IST

Nickel prices shot up by Rs 8.50 to Rs 1,195.50 per kg in futures trade as speculators indulged in enlarging their positions, supported by pick-up in spot demand and a firming trend overseas.

At the Multi Commodity Exchange, nickel for delivery in March shot up by Rs 8.50, or 0.72 per cent, to Rs 1,195.50 per kg, with an open interest of a single lot.

Likewise, the metal for delivery in April jumped up by Rs 7.50, or 0.63 per cent, to Rs 1,203.30 per kg, with a business turnover of two lots.

Market analysts said besides pick-up in demand from alloy-makers, firming trend in other base metals overseas influenced the trading sentiment.

Meanwhile, nickel rose by 0.4 per cent to USD 26,450 a metric tone on the London Metal Exchange.

This article was first uploaded on March twenty-three, twenty eleven, at fifty-five minutes past twelve in the night.