NEW DELHI: Nickel continued its winning streak supported by firm demand in the spot markets and prices moved up further up to 0.72 per cent at the Multi Commodity Exchange today. Covering-up of short positions by speculators also influenced nickel price s at the futures market here.
At the MCX counter, nickel for delivery in January month contract traded 0.72 per cent higher at Rs 786.60 per kg in a turnover of 10 lots, while November contract traded 0.69 per cent higher at Rs 778.90 per kg with a turnover of 2,744 lots. The metal for delivery in December contract gained 0.68 per cent to Rs 782.30 per kg clocking a turnover of 394 lots.
Analysts said strong demand from alloy makers in the spot markets and a firming trend overseas as the dollar weakened pushed up nickel prices at the futures market but rising inventories at LME capped gains. Meanwhile, nickel inventories rose by 132 ton nes to remain at near 15-year highs of 131,880 tonnes. - PTI
