Nickel futures up on spot demand, overseas trend

Nickel futures rose by Rs 14, or 1.34 per cent, to Rs 1,057.60 per kg today after speculators enlarged their positions, tracking firming global markets and strong Chinese industrial data.

Good demand from alloy makers in the domestic spot market also gave a push to rising nickel futures.

Nickel contracts for September delivery were being traded Rs 14, or 1.34 per cent, higher at Rs 1,057.60 per kg, with a turnover of 10,799 lots at the Multi Commodity Exchange.

The metal stainless steel tube for October contract delivery also gained Rs 13.60, or 1.29 per cent, to Rs 1,064.20 per kg, with a turnover of 1,070 lots.

Market analysts attributed the rise in nickel futures to a firming trend in global markets, where prices of the metal rose by 1.4 per cent on the back of better-than-expected Chinese industrial and retail sales data.

In addition, strong spot demand in the domestic physical market from consuming industries also supported the upside in nickel prices, they said.

	Nomura Lowers 2010 Copper Price Forecast, Raises Gold, Nickel, Palladium
	Nickel base alloy | Special alloy steel
	Nickel futures up on spot demand, overseas trend
	November 3 Jinchuan cut the ex-factory price of Nickel
	BSEN ASTM British and American standards for tolerances, surface finish and testing of stainless steels
	Selection of Stainless Steel from Corrosion Resistance, Mechanical Physical Properties Forming,Fabrication Joining
	Sumitomo pursues nickel project
	Nickel futures up on spot demand, overseas trend
	Anfield Discovers Additional High Grade Nickel Mineralization at Its Mayaniquel Project, Guatemala
	Continental Nickel Reports Additional Assays From Ntaka Hill