Nickel futures extend gains on global cues, spot demand

NEW DELHI: Nickel prices moved up by 0.14 per cent to Rs 1,144.50 per kg in futures market today as speculators indulged in enlarging positions amidst a firm trend overseas.

Besides, pick-up in demand from alloy-makers in the spot markets supported the upside.

At the Multi Commodity Exchange, nickel for delivery in September gained Rs 1.60, or 0.14 per cent, to Rs 1,144.50 per kg in business turnover of 8 lots.

The metal for delivery in current month contracts rose by Re 1, or 0.09 per cent, to Rs 1,137.40 per kg in 409 lots.

Globally, nickel for delivery in three months rose 0.70 per cent to USD 18,697 per tonne at the London Metal Exchange (LME).

Meanwhile, metal prices are up 34 per cent this year so far, the most among the main six metals on the LME, as Indonesia, the world's largest producer from mines, banned ore exports in January.

Analysts said firmness in base metals overseas on speculation that China, the world's biggest user of industrial metals, will take further steps to support growth and as Indonesia held firm on its export ban on unprocessed ore, influenced nickel futures here.