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. Besides, an  overseas upmove after Vale SA suspended activity in New Caledonia, stoked concern that supply might fall short of reviving demand, influenced nickel prices at futures trade here. The contract for May delivery was trading at Rs 1221.00, up by 4.61% or Rs 53.80 from its previous closing of Rs 1167.20. The open interest of the contract stood at 12609.00 lots. The contract for June delivery was trading at Rs 1226.80, up by 4.55% or Rs 53.40 from its previous closing of Rs 1173.40. The open interest of the contract stood at 1529.00 lots on MCX.