Nickel futures extend gains, up 0.78% on surging demand

Nickel prices rose further by 0.78 per cent to Rs 570.70 per kg in futures trading today as participants engaged in enlarging their positions, tracking a firm trend at spot market on rising demand.

At the Multi Commodity Exchange, nickel for delivery in June went up by Rs 4.40, or 0.78 per cent, to Rs 570.70 per kg, in a business turnover of 2,011 lots.

On similar lines, the metal for delivery in July traded higher by Rs 4.30, or 0.75 per cent, to Rs 576 per kg in 72 lots.

Analysts said increasing of positions by participants following strong demand from alloy-makers in the physical market, mainly kept nickel prices higher at futures trade.