Buoyed by a firming trend at the London Metal Exchange, nickel prices edged up by 0.72 per cent in futures trade today.
A better trend at the domestic spot markets on the back of pick-up in demand from alloy makers also influenced nickel futures prices.
At the Multi Commodity Exchange, nickel for delivery in July moved up by Rs 7.50 or 0.72 per cent to Rs 1,045.40 per kg, with a business volume of 91 lots.
Likewise, the metal for delivery in August traded Rs 7.30 or 0.70 per cent higher at Rs 1,054.50 per kg, with a trade turnover of 1,855 lots.
Market analysts said firmness in nickel and other base metals at the London Metal Exchange, supported by strong US manufacturing data for June and pick up in demand from alloy-makers at the spot markets, mainly influenced nickel futures prices here.
Meanwhile, nickel climbed by one per cent in early trade on the London Metal Exchange.
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.