Sip : tbumi
Wednesday August 5, 05:17 PM Source: Financial Express Nickel futures rises 3.94 pct on global cues Nickel futures on Wednesday rose by 3.94 per cent on the Multi Commodity Exchange in morning trade on heavy buying by traders, triggered by global cues. Marketmen said rise in demand from the consuming industries, particularly steel makers, in the spot market following a firming trend in the overseas market influenced the prices at the futures market in New Delhi. At the MCX platform, nickel for delivery in far-month October contract surged 3.94 per cent to Rs 938.10 per kg. The contract clocked a business turnover of two lots. Nickel for delivery in August month contract also gained 1.12 per cent to Rs 934 per kg, in a turnover of 274 lots, while contract for delivery in September rose 1.03 per cent at Rs 934 per kg, with a turnover of 274 lots. At the London Metal Exchange, nickel closed USD 175 higher at USD 19,550 per tonne after hitting an 11-month high of USD 19,700 on Tuesday. Market analysts said renewed hopes of a global economic recovery mainly influenced nickel prices at the futures market here. They said reports that Jinchuan Group, China's largest nickel producer, raised prices of nickel, used in stainless steel production, by almost 8 per cent in the past two days to 1,41,000 yuan a tonne also buoyed the trading sentiment.
