New Delhi, May 29 (PTI) Nickel prices went up by 1.39 per cent to Rs 1,009.60 per kg in futures trade today as speculators raised bets, taking positive cues from global markets amid pick-up in demand at the domestic spot market. Also Read - Aluminium futures remain weak, shed 0.26% on weak domestic demand
At the Multi Commodity Exchange, nickel for delivery in current month spurted Rs 13.80, or 1.39 per cent, to Rs 1,009.60 per kg, in a business turnover of 882 lots. Also Read - Aluminium futures shed 0.04% on global cues, low demand
The metal for delivery in June was trading higher by Rs 12.50, or 1.25 per cent, to Rs 1,013.10 per kg in 190 lots. Also Read - Nickel futures up 0.69% on spot demand, firm global cues
Analysts said, expansion of positions by speculators taking positive cues from global markets supported the uptrend in nickel futures here. Besides, strong demand from alloy-makers at the domestic markets also contributed to the rise in prices, they added.
Globally, three-month nickel on the London Metal Exchange was up by 1.1 per cent at USD 14,940 per tonne, while the most-traded July nickel contract on the Shanghai Futures Exchange rose as much as 2.4 per cent to 112,500 yuan (USD 17,558.37) a tonne.
This is published unedited from the PTI feed.