Nickel futures up 0.35% on firm demand, global cues

 

               Nickel prices moved up by 0.35 per cent to Rs 1,145.90 per kg in futures market today as speculators enlarged their positions, tracking a firming trend in spot market on increased demand from alloy-makers. 

Besides, an encouraging trend in copperand other base metals in the global marketssupported the upside. 

At the Multi Commodity Exchange, nickel for delivery in August gained Rs 4, or 0.35 per cent, to Rs 1,145.90 per kg in business turnover of 45 lots. 

Similarly, the metal for delivery in July rose by Rs 3.80, or 0.33 per cent, to Rs 1,139.40 per kg in 926 lots. 

Analysts said besides rising demand from alloy-makers, a firming trend at the London Metal Exchange (LME) amidst reports that manufacturing in China, the world's biggest user of industrial metals, probably expanded this month at the fastest pace since March last year, influenced nickel futures. - economictimes