NEW DELHI, Nov 25: Nickel prices moved up by 0.15 per cent to Rs 1,029.80 per kg in futures trade today as speculators indulged in covering up short positions.
Further, rising demand at domestic spot markets from alloy-makers also supported the upside.
At the Multi Commodity Exchange, nickel for delivery in December rose by Rs 1.50, or 0.15 per cent, to Rs 1,029.80 per kg in business turnover of 43 lots.
Metal for delivery in current month moved up 80 paise, or 0.08 per cent to Rs 1,023.20per kg in 684 lots.
Market analysts said the rise in nickel prices in futures trade was mostly supported by covering-up of short positions by speculators and rising demand from alloy-makers in domestic spot markets but metal’s weakness at the London Metal Exchange (LME), limited the gains.
Globally, nickel for delivery in three months at the LME fell 0.4 per cent to USD 16,583 a metric tonne after a strike in Colombia was called off and stockpiles monitored by the LME reached to a record high. (PTI)
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