Nickel rises 1.25 pc in futures trade on global cues

NEW DELHI, Apr 22:  Buoyed by a firming trend overseas, nickel prices moved up by 1.25 per cent to Rs 1,101.20 per kg in futures trading today as speculators created fresh positions.
Besides, rising demand at domestic spot markets from alloy-makers also supported the upside.
At the Multi Commodity Exchange, nickel for delivery in April rose by Rs 12.60, or 1.25 per cent, to Rs 1,101.20 per kg in business turnover of 2,378 lots.
Similarly, the metal for delivery in May traded higher by Rs 12.80, or 1.17 per cent to Rs 1,106.70 per kg in 358 lots.
Market analysts said speculative positions created by participants in tandem with a firm global trend after nickel advanced to a 14-month high on concern that escalating tension in Ukraine may disrupt supplies from Russia and Indonesia’s ban on ore exports, mainly led to rise in nickel prices at futures trade.
Meanwhile, nickel advanced 1.90 per cent to 18,260 dollar a metric tonne on the London Metal Exchange. (PTI)

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