Nickel futures gain on global cues

Nickel futures gained on MCX as speculators engaged in enlarging positions after the metal climbed to 14-month high at the London Metal Exchange on concern that supplies from Russia may be disrupted amid mounting tensions over Ukraine. Further, increased demand in spot markets from domestic alloy-makers too supported the upside. The contract for April delivery was trading at Rs 1102.80, up by 0.38% or Rs 4.20 from its previous closing of Rs 1098.60. The open interest of the contract stood at 6252.00 lots. The contract for May delivery was trading at Rs 1108.20, up by 0.30% or Rs 3.30 from its previous closing of Rs 1104.90. The open interest of the contract stood at 5016.00 lots on MCX.