Nickel extends gains on global cues

Metal adds 0.25% on increased offtake from alloy makers; rises 1.4% to trade at 10-week high on LME

Extending its rising streak for yet another day, nickel moved up further by 0.25 per cent to Rs 895.40 per kg in the futures market today as speculators enlarged positions, tracking a firming trend overseas and increased demand from alloy-makers.
     
At the Multi Commodity Exchange, nickel for delivery in January added Rs 2.20, or 0.25 per cent, to Rs 895.40 per kg in business turnover of 513 lots.
    
February nickel rose Rs 1.60, or 0.18 per cent, to Rs 902.60 per kg in 50 lots.
    

Market analysts said apart from rising domestic demand from alloy-makers, firmness in copper and other base metals at the London Metal Exchange (LME) on speculation that an improving global economy will increase demand also influenced nickel futures prices.

     
Globally, nickel rose 1.4 per cent to trade at 10-week high of $14,535 per tonne on the LME on concern that supplies will tighten as Indonesian bans ore exports.