Nickel futures gain on rising domestic demand

Nickel futures gained on MCX on speculation that supplies of the metal used to make stainless steel will be tighter. Besides, rising domestic demand, particularly from alloy- making industries also supported the nickel prices uptrend. The contract for May delivery was trading at Rs 1236.30, up by 2.22% or Rs 26.90 from its previous closing of Rs 1209.40. The open interest of the contract stood at 11988.00 lots. The contract for June delivery was trading at Rs 1242.00, up by 2.16% or Rs 26.30 from its previous closing of Rs 1215.70. The open interest of the contract stood at 1545.00 lots on MCX.