NEW DELHI, Dec 4: Nickel prices shot up by 1.38 per cent to Rs 1,050.30 per kg in the 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 in copper and other base metals in the global markets supported the upside.
At the Multi Commodity Exchange, nickel for delivery in far-month January gained Rs 14.30, or 1.38 per cent, to Rs 1,050.30 per kg in business turnover of 73 lots.
The metal for delivery in December rose by Rs 13.80, or 1.34 per cent, to trade at Rs 1,043.50 per kg in 1,484 lots.
Market analysts said apart from increased domestic demand from alloy-makers, firmness in the base metals pack at the London Metal Exchange (LME) influenced nickel prices at futures trade.
Globally, nickel prices at the LME rose as much as 1.5 per cent after climbing to USD 16,698, the highest since November 24, in yesterday’s trade following Indonesia’s Constitutional Court’s decision to uphold a ban on exporting unprocessed ores. (PTI)
Trending Now
E-Paper
Follow our WhatsApp channel