Nickel traded in the positive zone with gains of up to 0.37 per cent in futures trading at the Multi Commodity Exchange today, supported by short-covering on a firming trend in the spot markets but overnight weakness at the London Metal Exchange (LME) capped the upside.
At the MCX counter, nickel for delivery in November traded 0.37 per cent higher at Rs 794 per kg in a turnover of 2,594 lots, while the December contract traded 0.24 per cent higher at Rs 797 per kg with a turnover of 514 lots.
Analysts said strong demand from alloy makers in the spot markets and covering-up of short positions by traders helped nickel prices to rise in futures trade here.
They said, however, a weak trend in the global markets, restricted gains. Meanwhile, nickel ended 0.87 per cent down at $17,050 per tonne.
