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Nickel prices moved up by 0.36% to Rs 967 per kg in futures market today as speculators enlarged their positions, tracking a firming trend in spot market on increased demand from alloy-makers.
Besides, an encouraging trend in copper and other base metals in the global markets, supported the upside.
At the Multi Commodity Exchange, nickel for delivery in April gained Rs 3.50, or 0.36%, to Rs 967 per kg in a business turnover of 415 lots.
In a similar fashion, the metal for delivery in May rose by Rs 2.80, or 0.29%, to Rs 971.10 per kg in 19 lots.
Market analysts said apart from increased domestic demand from alloy-makers, a firming trend in select base metals at the London Metal Exchange, mainly helped nickel futures to trade higher.
