Nickel prices up by 0.76%

Nickel prices rose at the domestic markets due to the steady spot demand from alloy-makers and the rising fresh long positions at the existing lower price levels. Nickel futures for January 2012 contract, at MCX, were trading at Rs. 1,013.20 per kg, up by 0.76% after opening at Rs. 1,007 against the previous closing price of Rs. 1,005.60. It touched the intra-day high of Rs. 1,013.40 till the trading. (At 3.32 PM today).

Some of the major features of the world nickel market are that it is characterized by rising demand and constrained supply and it is more than 54% if world total supply comes from only five companies.

The global nickel consumption is growing by an average 3.1 per cent a year.

Major producers of Nickel are Russia, followed by Australia, Canada, New Caledonia and Indonesia, which represents over 65% of total world production

Read more about: futures, mcx
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