Nickel futures extend gains on global cues

Buoyed by a firming trend at the London Metal Exchange and rising spot demand, nickel futures prices rose by 0.38 per cent to Rs 1,070.40 per kg today.

At the Multi Commodity Exchange counter, nickel for delivery in December traded Rs 4, or 0.38 per cent higher, to Rs 1,070.40 per kg, with a trade turnover of just two lots.

Similarly, the metal for delivery in January also moved up by Rs 3.90, or 0.36 per cent, to Rs 1,079.60 per kg, with a business turnover of two lots.

Meanwhile, nickel advanced 0.6 per cent to $23,730 per tonne at the London Metal Exchange.  

Market analysts said firming trend at the London Metal Exchange and strong demand from alloy makers at domestic spot markets, led to a rise in nickel futures prices here.