Nickel extends gains on firm global cues

NEW DELHI: Nickel extended gains for the fourth straight day by rising Rs 5 per kg on the local non- ferrous base metals market today largely in tandem with a firming trend overseas.

Other base metals including copper held steady in thin trade.

Traders said sentiment in nickel bolstered as it rallied to a two-year high in global markets, exceeding USD 20,000, as a plant closure in New Caledonia by Vale SA, fuelled global supply concerns already exacerbated by Indonesia's ore-export ban.

Meanwhile, nickel for delivery in three months added 3.9 per cent to USD 20,153 a metric tonne, the highest level since February 2012 on the London Metal Exchange.

In the national capital, nickel (4x4) advanced by Rs 5 to Rs 1,086-1,087 per kg.