Nickel prices went up by 0.70 per cent to Rs 924.20 per kg in futures trading Monday as speculators built up fresh positions after pick up in demand from consuming industries in the spot market amid positive global cues.
At the Multi Commodity Exchange, nickel for delivery in current month edged up by Rs 6.40, or 0.70 per cent to Rs 924.20 per kg in business turnover of 1,285 lots.
Globally, at the London Metal Exchange (LME), nickel climbed 1.1 per cent to end at two-week high of USD 12,990 per tonne on Friday as inventories fell to 128,550 tonnes, the lowest since February 2013.
Market analysts said fresh positions created by participants due to upsurge in demand from alloy-makers in the physical market and positive cues from the LME on fall in inventories, influenced nickel prices at futures trade here.
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