NEW DELHI, Nov 17: Nickel prices moved up by 0.36 per cent to Rs 973.30 per kg in futures trading today as speculators created fresh positions amid metal’s strength at the London Metal Exchange (LME) and rising demand at domestic spot markets.
At the Multi Commodity Exchange, nickel for delivery in December contracts rose by Rs 3.50, or 0.36 per cent, to Rs 973.30 per kg in business turnover of 13 lots.
Metal for delivery in current month gained Rs 3.40, or 0.35 per cent, to Rs 966 per kgs in business volume of 297 lots.
Market analysts said a firming trend at the spot markets on the back of pick up in demand from alloy makers, metal’s strength at the LME amid concern supply could be disrupted at Cerro Matoso nickel mine, the world’s second-largest mine, mainly influenced prices at futures trade here.
Meanwhile, workers at the Cerro Matoso nickel mine in Colombia will meet November 21 to decide on their plans to strike.
Globally, nickel for delivery in three months contracts rose 0.70 per cent to 15,690 dollar a metric tonne at the LME. (PTI)
Follow our WhatsApp channel