Nickel futures extend gains, up 0.75%

Continuing its rising streak for yet another day, nickel prices were higher by 0.75 per cent to Rs 622 per kg in futures trading today as participants engaged in enlarging their positions, tracking a firm trend in select base metals overseas.
Besides, increased demand from consuming industries at domestic spot market fuelled the uptrend.
At the Multi Commodity Exchange, nickel for delivery in August went up by Rs 4.60, or 0.75 per cent to Rs 622 per kg in business turnover of 1,934 lots.
On similar lines, the metal for delivery in current month contracts edged higher by Rs 3.90, or 0.64 per cent to Rs 616.50 per kg in 31,047 lots.

Analysts said widening of positions by traders on the back of firm trend overseas and pick-up in demand from alloy- makers in the domestic spot market mainly kept nickel prices higher at futures trade.