Nickel futures extend gains on spot demand

Supported by rising demand at the domestic spot market along with covering-up of pending short positions by speculators, nickel futures rose by 0.57 per cent to Rs 1,081.20 per kg today.

At the Multi Commodity Exchange counter, nickel for delivery in December traded Rs 6.10, or 0.57 per cent higher, to Rs 1,081.20 per kg, with a business turnover of 1,627 lots.

Similarly, the metal for delivery in January moved up by Rs 4.40, or 0.40 per cent, to Rs 1,091.50 per kg, with a business turnover of 910 lots.

Analysts said apart from firming trend at the spot market on the back of strong demand from steel makers and other consuming industries, covering-up of pending short positions in view of approaching monthly expiry also supported futures prices here.