COMMODITY NEWS UPDATE :- Nickel futures rise on surging demand

BUY NICKEL ABOVE 753 TARGET 757-762-770 WITH SL 741

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Nickel futures were trading higher during the afternoon trade in the domestic market on Friday tracking a weak trend in base metals at the London Metal Exchange (LME) amid muted demand at the domestic spot markets. Market analysts said the fall in nickel prices was mostly in tune with a weak trend in the base metals pack at the LME. Besides, muted demand from alloy-makers at the domestic spot markets weighed on metal prices in futures trade.

At the MCX, nickel futures for October 2017 contract is trading at Rs 746.90 per kg, up by 0.89 per cent, after opening at Rs 736.60, against a previous close of Rs 740.30. It touched the intra-day high of Rs 747.800.

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