Nickel futures soar 0.53% to Rs 1,097.50 per kg on strong demand

Nickel prices rose to Rs 1,097.50 per kg on September 11 as participants increased their long positions.

The base metals traded higher tracking strong demand in China along with lower stocks at warehouses accredited to the Shanghai Futures Exchange.

In the futures market, nickel for September delivery touched an intraday high of Rs 1,101.30 and a low of Rs 1,081 per kg on the Multi-Commodity Exchange (MCX). So far in the current series, the base metal has touched a low of Rs 1,027.50 and a high of Rs 1,158.40.

Nickel futures for September delivery gained Rs 5.8, or 0.53 percent, to Rs 1,097.5 per kg at 14:38 hours on a business turnover of 1,771 lots. The same for October delivery surged Rs 4.7, or 0.43 percent, to Rs 1,105 per kg on a turnover of 115 lots.

The value of the September and October’s contracts traded so far is Rs 1,047.72 crore and Rs 8.41 crore, respectively.

"Nickel prices traded volatile in the last trading session and closed around its 20 day exponential moving average (EMA) around Rs 1,092 levels. Overall, the trend is sideways for the price as long as Rs 1,086 level is intact on the lower side," according to Axis Securities.

Traders can buy if prices sustain above Rs 1,093 level for a target of Rs 1,096 level on an intraday basis, the brokerage firm said.

At 09:12 (GMT), nickel futures were up 0.78 percent at $14,915 per tonne in London.

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