Nickel futures extend gains on global cues, spot demand

Continuing its rising streak, nickel prices rose further by 0.93 per cent to Rs 883 per kg in futures trade today largely buoyed by a firming trend overseas after Indonesia started a ban on mineral ore exports.
Further, rising demand from alloy-makers also supported the upside.
At the Multi Commodity Exchange, nickel for delivery in January gained another Rs 8.10, or 0.93 per cent, to Rs 883 per kg in business turnover of 453 lots.
Similarly, the metal for delivery in February rose by Rs 8.30, or 0.94 per cent, to Rs 891.20 per kg in 28 lots.
Analysts saqid the persistent rise in nickel prices at futures trade was mostly in tandem with a firming trend in the global market after Indonesia, the world's biggest producer of the metal from mines, restricted shipments.

They said, strong demand from doemstic alloy makers also supported the upside.
Globally, nickel for delivery in three months contract rose as much as 0.4 per cent to USD 14,260 a metric tonne, the highest level since December 30 on the London Metal Exchange.