Nickel futures gain on rising demand

Nickel futures gained on MCX as speculators enlarged positions, supported by rising demand from alloy-makers in the spot market. Further, firming trend global markets due to the supply concerns as Indonesia, the largest supplier to China, banned ore exports to spur investment in domestic smelters too supported the upside. The contract for May delivery was trading at Rs 1162.50, up by 0.48% or Rs 5.50 from its previous closing of Rs 1157.00. The open interest of the contract stood at 7434.00 lots. The contract for June delivery was trading at Rs 1163.00, up by 0.30% or Rs 3.50 from its previous closing of Rs 1159.50. The open interest of the contract stood at 2449.00 lots on MCX.