NEW DELHI, Apr 11: Nickel prices moved up by 0.15 per cent to Rs 1,042.90 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 at the London Metal Exchange (LME) supported the upside.
At the Multi Commodity Exchange, nickel for delivery in May gained Rs 1.60, or 0.15 per cent, to Rs 1,042.90 per kg in business turnover of 84 lots.
In a similar fashion, the metal for delivery in April rose Rs 1.30, or 0.13 per cent, to Rs 1,036.10 per kg in 641 lots.
Globally, nickel for delivery in three months climbed 0.6 per cent to USD 17,190 per tonne on the London Metal Exchange.
Market analysts said apart from increased domestic demand from alloy-makers, a firming trend in metal at the LME on concern that Indonesia’s ore export ban will limit global supplies amid stronger demand, mainly supported the upside in nickel futures here. (PTI)
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