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Continuing its rising streak for yet another day, nickel prices spurted by 2.61 per cent to Rs 1,241 per kg in futures trading today as speculators indulged in creating positions.
At the Multi Commodity Exchange, nickel for delivery in May rose further by Rs 30.60, or 2.61 per cent, to Rs 1,241 per kg in business turnover of 2,670 lots.
June nickel traded higher by Rs 30.80, or 2.53 per cent to Rs 1,246.50 per kg in 226 lots.
Market analysts attributed persistent rise in nickel prices at futures trade to a firming trend at the London Metal Exchange (LME), where it rallied to two-year high on speculation that supplies will be tighter and prices will rise further in coming months.
Besides, rising domestic demand, particularly from alloy- makers too influenced prices, they said.
Meanwhile, nickel added as much as 3.7 per cent to $20,650 a tonne at the LME.
