Nickel futures extend gains, climb 0.64% on strong demand

Continuing its rising streak for the third day, nickel prices traded higher by 0.64 per cent to Rs 688.20 per kg in futures trading today as participants engaged in building their positions, taking positive cues from spot market on firm demand from alloy-makers.
At the Multi Commodity Exchange, nickel for delivery in January gained Rs 4.40, or 0.64 per cent, to Rs 688.20 per kg, in a business turnover of 366 lots.
Likewise, the metal for delivery in February was trading higher by Rs 3.80, or 0.55 per cent, to Rs 693.50 per kg in five lots.
Market analysts said increasing of positions by traders following a firming trend at spot market on strong demand from alloy-makers, mainly kept nickel prices higher at futures trade.