Nickel futures extend gains, up 0.58% aided by global cues

Continuing its rising streak for the third straight day, nickel prices traded higher by 0.58 per cent to Rs 695.10 per kg in futures trading today as participants engaged in enlarging their positions, tracking a firm trend overseas.
Besides, increased demand from consuming industries at domestic spot market fuelled the uptrend.
At the Multi Commodity Exchange, nickel for delivery in far-month September went up by Rs 4, or 0.58 per cent to Rs 695.10 per kg in business turnover of 83 lots.
On similar lines, the metal for delivery in August contracts edged higher by Rs 2.80, or 0.41 per cent to Rs 688.20 per kg in 1843 lots.

Analysts said widening of positions by traders on the back of firm trend overseas and pick up in demand from alloy-makers in the spot market mainly kept nickel prices higher at futures trade.
Meanwhile, nickel for delivery in three-month traded higher by 1 per cent at the London Metal Exchange.