At Multi Commodity Exchange Nickel February contract rose by 0.5% to Rs.895 today on expectation of supply shortage.
The metal is expected to gain on Indonesia ore export ban which is applicable since 12th Feb. To increase the shipment value the country has imposed this ban. Indonesia is the largest producer of Nickel and related ores.
According to Bloomberg forecast the metal is expected to reach at the price of $14369 in the second quarter of the year and $14386 in the third quarter. Shortage of inventory may boost metal prices in long run.
Yesterday, Markit released U.S. Flash Manufacturing PMI that beat analysts expectations and came to 56.7 better than previous result of 53.7 which also supported industrial metals.
In other industrial metals Copper fell by 0.21% to Rs.448.75, Zinc gained 0.35% to Rs.127.95 and Lead gained 0.19% to Rs.132.55.