NEW DELHI, May 29:Nickel prices went up by 1.39 per cent to Rs 1,009.60 per kg in futures trade today as speculators raised their bets, taking positive cues from global markets and pick-up in demand at the domestic spot markets.
At the Multi Commodity Exchange, nickel for delivery in the current month spurted Rs 13.80, or 1.39 per cent, to Rs 1,009.60 per kg in a business turnover of 882 lots.
The metal for delivery in June was trading higher by Rs 12.50, or 1.25 per cent, to Rs 1,013.10 per kg in 190 lots.
Analysts said expansion of positions by speculators on positive cues from global markets, where investors continued to pile into the metal, supported the upside in nickel prices in futures market here.
Besides, strong demand from alloy-makers in the domestic market too gave push to rising metal prices, they added.
Globally, three-month nickel on the London Metal Exchange was up 1.1 per cent at USD 14,940 per tonne, while the most-traded July hickel contract on the Shanghai Futures Exchange rose as much as 2.4 per cent to 112,500 yuan (USD 17,558.37) a tonne. (PTI)
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