Nickel futures extend gains on spot demand

Buoyed by the rising domestic demand and firming trend overseas, nickel futures traded 0.24 per cent higher at Rs 1,137.30 per kg today.

At the Multi Commodity Exchange platform, nickel for delivery in January traded Rs 2.70 or 0.24 per cent higher, to Rs 1,137.30 per kg, with a trade turnover of four lots.

Similarly, the metal for delivery in February also moved up by Rs 2.50, or 0.22 per cent, to Rs 1,147.30 per kg, with a business turnover of two lots. 

Globally, nickel gained one per cent to $25,000 a tonne at the London Metal Exchange.

Market analysts said besides firming trend in base metals overseas following better-than-expected US economic data, good demand from alloy makers for the metal at the spot market from alloy makers, also supported the upside in nickel futures here.