Nickel futures up 0.20 pct on global cues

Nickel futures traded 0.20 per cent higher on Wednesday tracking a firming trend in base metals at the London Metal Exchange.

Written by Agencies

March 30, 2011 14:41 IST

Nickel futures traded 0.20 per cent higher on Wednesday tracking a firming trend in base metals at the London Metal Exchange.

Additionally, pick-up in demand at spot markets from alloy

makers supported the recovery in nickel futures here.

At the Multi Commodity Exchange, nickel for delivery in April traded Rs 2.40, or 0.20 per cent, higher at Rs 1,202.30 per kg, with a business turnover of 1,297 lots.

The metal for delivery in March rose by Rs 1.40, or 0.12 per cent, to Rs 1,192.70 per kg, with a business turnover of 5,353 lots.

Market analysts said besides recovery in base metals at the London Metal Exchange after remaining weak in the previous few sessions, pick-up in domestic demand also supported the uptrend in nickel futures prices.

This article was first uploaded on March thirty, twenty eleven, at forty-one minutes past two in the afternoon.