Nickel rises 0.40% in futures trade on global cues

NEW DELHI, July 31: Supported by a firming trend overseas, nickel prices rose by 0.40 per cent to Rs 705.20 per kg in futures trading today as participants widened positions.

Besides, rising demand at domestic spot markets from alloy-makers also extended support.

At Multi Commodity Exchange, nickel for delivery in July rose Rs 2.80, or 0.40 per cent, to Rs 705.20 per kg in a business turnover of 1,466 lots.

The metal for delivery in August contract also gained Rs 2.20, or 0.31 per cent, to trade at Rs 712.80 per kg in 532 lots.

Marketmen said a firming trend in the base metal at the London Metal Exchange (LME) where it rose 0.5 per cent and pick up in demand at domestic spot markets, mainly led to the rise in nickel futures here. (PTI)


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