Nickel futures up 0.63 pc on global cues, strong demand

Nickel prices strengthened by 0.63 per cent to Rs 651.80 per kg in futures trade today as participants engaged in enlarging positions amid a firm trend overseas and unabated demand from alloy-makers at the domestic spot markets.

At the Multi Commodity Exchange, nickel for delivery in August went up by Rs 4.10, or 0.63 per cent, to Rs 651.80 per kg in a business turnover of 1,635 lots.

In a similar fashion, the metal for delivery in July gained Rs 3.80, or 0.59 per cent, to Rs 646.70 per kg in 5,265 lots.

Analysts said expanding of positions by traders and a firm trend in nickel overseas where it strengthened to three-month high after Philippine President Rodrigo Duterte on Monday threatened to impose more taxes on mining firms unless they take steps to protect the environment, reviving concerns about supply from the world's top producer of mined nickel, influenced the metal prices in futures here.

(This article has not been edited by DNA's editorial team and is auto-generated from an agency feed.)