nickel futures hit upper circuit on supply con

NEW DELHI: Continuing its rising streak, nickel prices today hit the upper limit set by the futures exchange on increased buying by stockists on supply disruption. At 1330 hrs on Multi Commodity Exchange, far-month October contract for nickel surged by 4.54 per cent at Rs 910 per kg with trading volume of 3 lots.

The metal for most-active August month contract followed suit and shot up 1.20 per cent at Rs 878 per kg. The contract recorded a business transaction of 3,178 lots. Similarly, near-month September contract also rose by 1.19 per cent at Rs 890.30 per kg. The contract recorded a business volume of 377 lots.

Trading sentiment firmed after reports of a supply disruption from Swiss miner Xstrata as it suspended operations at its Falcondo ferro-nickel mine, raising concerns of supply in the overseas markets. Meanwhile, nickel in spot market traded higher at 876.50 per kg at Mumbai.


http://economictimes.indiatimes.com/Bullion/Nickel_futures_hit_upper_circuit_on_supply_concerns/articleshow/3389475.cms