NEW DELHI, Oct 9: Tracking a firming trend overseas, nickel prices recovered 0.21 per cent to Rs 1,022.20 per kg in the futures market today as speculators created fresh positions.
Besides, increased demand in spot markets from domestic alloy-makers, influenced nickel prices.
At the Multi Commodity Exchange, nickel for delivery in November gained Rs 2.10, or 0.21 per cent, to Rs 1,022.20 per kg in a business turnover of 18 lots.
The metal for delivery in October rose by Rs 1.80, or 0.18 per cent, to trade at Rs 1,014.70 per kg in 643 lots.
Analysts said apart from increased domestic demand from alloy-makers, firmness in the base metals pack at the London Metal Exchange (LME) also held the upside.
This was amidst the dollar declining for the third straight session in the New York market on signs of the US Federal Reserve holding back hike in interest rates. (PTI)
Trending Now
E-Paper
Follow our WhatsApp channel