Nickel Prices

The trading shutdown after Western sanctions threatened supply from major producer Russia is the biggest crisis to hit the 145-year-old exchange in decades.

On March 8, nickel contracts on the London-based exchanges surged as much as 111 per cent to breach $100,000 per tonne

The metal added more than $10,000 to trade at a 15-year high above $40,000 a ton -- the biggest-ever daily dollar gain in the 35-year history of the contract

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All other base metals, fell by up to 12.3 per cent in 2019. Steel was almost flat, while thermal coal and natural gas were also among big losers.

The metal used to make stainless steel hit a 16-month high last Thursday before shedding 2.1% on Friday

Metal for delivery in September contracts was trading higher by 3.60, or 0.52%

A firming trend overseas restricted the gains

Prices of the metal surged largely in tandem with a firm trend in metal at London Metal Exchange and pick up in demand

Metal for delivery in August was trading notably higher by Rs 8.10, or 1.16%

Metal for delivery in July contracts traded lower by Rs 4.90, or 0.70%

Speculators enlarged positions on positive cues from global markets

Low demand at the domestic spot market also affected prices

Metal for delivery in current month traded higher by Rs 11.90 or 1.96%

Metal for delivery in June traded higher by Rs 3.20 or 0.54%

Speculators widened their positions, driven by pick up in demand at the domestic spot markets

Metal for delivery this month also shed Rs 3.30 or 0.55%

Spot demand amid a firming trend overseas also helped prices

Firm global cues also helped prices

Speculators raised their bets amid a firming trend in base metals overseas