Monday, November 29, 1999

Nickel futures up as spot demand rises

News posted by www.newsinfoline.com

New Delhi, May 10 (PTI) Nickel prices went up by Rs 27.70 or 2.68 per cent to Rs 1,044.3 per kg in futures trade today after speculators enlarged their positions driven by firming trend at the physical markets. At the Multi Commodity Exchange counter, nickel for May contract rose sharply by Rs 27.70, or 2.68 per cent to Rs 1,044.30 per kg, with a business turnover of 3,014 lots. The metal for delivery in current-month May contract shot up by Rs 27.20, or 2.67 per cent to Rs 1,045.50 per kg in 282 lots. Analysts attributed the recovery in nickel futures prices to strong demand in the physical markets from domestic alloy makers but weakness at the London Metal Exchange, capped gains. At the London Metal Exchange, nickel fell USD 55 or 0.22 per cent to USD 22,500 a metric tonne in the previous session. PTI SUN RS DP.

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