Financial Daily from THE HINDU group of publications
Friday, Nov 07, 2003
Financial Daily from THE HINDU group of publications Friday, Nov 07, 2003 |
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Agri-Biz & Commodities
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Metals Nickel cathode price may rise further Dhimant Bhatt
Mumbai , Nov. 6 NICKEL cathode prices in the domestic market touched the Rs 700-level on Thursday, as expected. Local prices in Mumbai market today quoted at Rs 705 per 10 kg on continued local demand from stainless steel units amid firm trend in the London Metal Exchange (LME), trade sources said. Rising price at London Metal Exchange (LME) will continue to influence the domestic market. Similarly, Nickel prices on the LME touched the psychological level of $12,000 level on Wednesday on sustained buying support from funds due to the forecast world shortage. "Prices are expected to go further as there is good demand for nickel in the domestic and world market as well," a local broker said. In 2003, nickel prices in Mumbai rose by about 46 per cent to Rs 705 per 10 kg from Rs 482 quoted as on January 1, 2003. Whereas, nickel prices at LME has surged more than 66 per cent this year, from $10118 a tonne in January 2003 to $12,040 on Wednesday mainly on concern over a supply shortfall next year and in 2005.
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