Base metals: Nickel, aluminium rise on spot demand

image

New Delhi: Nickel prices strengthened by 0.55 per cent to Rs 935.20 per kg in futures market today as speculators engaged in raising bets amid rising demand from alloy-makers in the spot market.

At the Multi Commodity Exchange, nickel for delivery in May traded higher by Rs 5.10, or 0.55 per cent, to Rs 935.20 per kg in a business turnover of 15 lots.

Likewise, the metal for delivery in April was trading higher by Rs 4.80, or 0.52 per cent, to Rs 931.90 per kg in 706 lots.

Analysts said, widening of positions by participants following pick-up in demand from alloy-makers at the domestic spot markets, mainly kept nickel prices trade higher at futures trade.

Aluminium
Aluminium prices rose by 0.86 per cent to Rs 157.70 per kg in futures market today as speculators raised bets, tracking a firm trend overseas.

At the Multi Commodity Exchange, aluminium for delivery in May went up by Rs 1.35, or 0.86 per cent, to Rs 157.70 per kg in a business turnover of 22 lots.

Likewise, the metal for delivery in April was trading higher by Rs 1.25, or 0.80 per cent, to Rs 158 per kg in 370 lots.

Market analysts said, raising of positions by traders on the back a firm trend overseas amid supply worries, influenced aluminium prices at the futures trade here.

Meanwhile, aluminium for June rose to 14,985 yuan (USD 2,386) a tonne on the Shanghai Futures Exchange, its highest since January 29.

Source: Economic Times