Nickel futures edged higher on MCX as speculators enlarged their holdings, tracking rising demand from alloy-makers in the spot market. Besides, a firming global trend where it rebounded from the lowest closing price in a month as UBS Group said the full impact of mine shutdowns in the Philippines is still to come, also fuelled the uptrend.
The contract for August delivery was trading at Rs 696.40, up by 1.12% or Rs 7.70 from its previous closing of Rs 688.70. The open interest of the contract stood at 14548.00 lots.
The contract for September delivery was trading at Rs 703.20, up by 1.19% or Rs 8.30 from its previous close of Rs 694.90. The open interest of the contract stood at 2434.00 lots on MCX.