NEW DELHI, May 26: Nickel prices rose Rs 11.40 to Rs 830.10 per kg in futures trade today as speculators enlarged positions on positive cues from global markets.
Furthermore, increased demand from alloy-makers in the spot market supported the uptrend.
In futures trading at the Multi Commodity Exchange, nickel for delivery in June traded higher by Rs 11.40, or 1.39 per cent, at Rs 830.10 per kg in a business turnover of 161 lots.
Similarly, the metal for delivery in the current month was trading higher by Rs 9.80, or 1.21 per cent, at Rs 822.70 per kg in 1,288 lots.
Analysts attributed the rise in nickel futures to a firming trend in the base metals on the London Metal Exchange (LME) as China seeks more than USD 300 billion in infrastructure investment. China is the world’s biggest consumer of base metals.
Besides, rising demand in domestic spot markets from alloy makers influenced metal prices.
Globally, nickel for delivery in three months on LME rose 2.2 percent to USD 12,985 per tonne. The metal fell 2.2 per cent to USD 12,710 per tonne on Friday, the lowest since April 23. LME was closed on Monday for a public holiday. (PTI)
Trending Now
E-Paper
Follow our WhatsApp channel