Futures contracts of nickel rose on the MCX today tracking benchmark contracts on the LME.Prices rose on the international exchange due to improved demand for the metal, as stainless steel mills globally have ramped up production for better margins. Nickel is one of the major raw materials used to manufacture stainless steel. Prices rose also because of concerns over shortage of high-grade iron ore from one of Japan's top refiners, analysts said. Fundamentals of iron ore and nickel often move in tandem as both are used as raw materials to manufacture stainless steel. Worries over nickel supplies from the Philippines, world's top nickel ore exporter, have also been supporting prices for much of this year.
Source: Newswire
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