Nickel futures trade higher on global cues

Nickel futures were trading higher on MCX as speculators enlarged their positions, tracking firming trend in spot market on increased demand from alloy-makers. Further, a firming trend in overseas markets on concern that supplies from Russia may be disrupted amid mounting tensions over Ukraine, influenced nickel futures here. The contract for April delivery was trading at Rs 1123.70, up by 0.46% or Rs 5.20 from its previous closing of Rs 1118.50. The open interest of the contract stood at 7774.00 lots. The contract for May delivery was trading at Rs 1131.00, up by 0.45% or Rs 5.10 from its previous closing of Rs 1125.90. The open interest of the contract stood at 5230.00 lots on MCX.