Nickel futures edged higher on MCX as participants built fresh positions, tracking rising demand from alloy-makers at the spot market. Though, some gains were capped on a weakening trend in base metals at the London Metal Exchange (LME).
The contract for May delivery was trading at Rs 591.20, up by 0.96% or Rs 5.60 from its previous closing of Rs 585.60. The open interest of the contract stood at 39374 lots.
The contract for June delivery was trading at Rs 596.70, up by 0.85% or Rs 5.00 from its previous closing of Rs 591.70. The open interest of the contract stood at 4052 lots on MCX.