MCX Nickel Futures Soar Amid Pickup

Nickel futures surged in the domestic market on Monday as investors created fresh positions in the base metal amid a pickup in physical demand for nickel in the domestic market. Rising demand for the base metal from alloy-makers in the domestic market put upward pressure on nickel futures.

Strong global cues also added to the bullish sentiment as hopes rose that central banks from China and the US may bolster monetary stimulus to fastrack growth in the world’s top two economies, lifting the demand outlook for the base metal.

At the MCX, Nickel futures, for the September 2012 contract were trading at Rs 926.40 per kg, up by 1.80 per cent, after opening at Rs 912.60, against a previous close of Rs 910. It touched an intra-day high of Rs 929.40 till trading (At 16:01 PM IST). Via

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