Nickel futures edged higher on MCX as participants enlarged their holdings amid rising demand from alloy-makers in the domestic spot market. Besides, a firming trend in base metals at the London Metal Exchange (LME) on speculation shipments of nickel ore from the Philippines may shrink as much as 30 per cent this year as the country cracks down on errant miners and after some companies cut output in the first half due to weak prices and poor weather, also influenced nickel futures.
The contract for September delivery was trading at Rs 672.10, up by 0.73% or Rs 4.90 from its previous closing of Rs 667.20. The open interest of the contract stood at 18447.00 lots.
The contract for October delivery was trading at Rs 677.70, up by 0.65% or Rs 4.40 from its previous closing of Rs 673.30. The open interest of the contract stood at 1603.00 lots on MCX.