Nickel futures extend gains on strong demand, global cues

Continuing its upward journey, nickel futures prices rose by another 0.86 per cent to Rs 1,086.20 per kg today on the back of strong demand at domestic spot markets amid firm trend overseas.

At the Multi Commodity Exchange counter, nickel for delivery in November traded Rs 9.30, or 0.86 per cent higher, to Rs 1,086.20 per kg, with a trade turnover of just one lot. 

Similarly, the metal for delivery in December also moved up by Rs 8.90, or 0.82 per cent, to Rs 1,097 per kg, with a business turnover of just one lot. 

Market analysts said strong demand from alloy makers at domestic spot markets and firm trend in copper and other base metals on hopes that the recovering global economy would boost demand for commodities, led to a rise in nickel futures prices here.