Supported by strong spot demand and covering-up of short positions, nickel continued its winning streak and rose Rs 4, or 0.39 per cent, to Rs 1,040.70 per kg in futures trade today.
At the Multi Commodity Exchange counter, nickel contract for delivery in September gained Rs 4, or 0.39 per cent, to Rs 1,0.70 per kg, clocked a business turnover of 2,731 lots.
In a similar fashion, the metal for delivery in October also edged up by Rs 3.50, or 0.33 per cent, to Rs 1,048.30 per kg, with a turnover of 321 lots.
Analysts said sustained rise in nickel futures was supported by a firming trend in physical markets on the back of strong demand from alloy makers, besides short-covering of positions by speculators but weak trend overseas, restricted gains.
