Nickel futures extend gains on MCX

Nickel futures extended gains on MCX due to the growing concern about the availability of supply from Indonesia and Russia. The concern that escalating tensions in Ukraine may disrupt supplies from Russia amid Indonesia’s ban on ore exports influenced the commodity prices in future trade. The contract for April delivery was trading at Rs 1104.20, up by 1.53% or Rs 16.60 from its previous closing of Rs 1087.60. The open interest of the contract stood at 10306.00 lots. The contract for May delivery was trading at Rs 1109.90, up by 1.46% or Rs 16.00 from its previous closing of Rs 1093.90. The open interest of the contract stood at 3106.00 lots on MCX.