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Nickel prices moved up by 0.35% to Rs 852 per kg in the futures market today as speculators enlarged their positions, tracking a firming overseas trend amid spot demand.
At the Multi Commodity Exchange, nickel for delivery in August gained Rs 3.20, or 0.35%, to Rs 852 per kg in business turnover of 7,456 lots.
Nickel for delivery in September rose by Rs 3, or 0.34%, to trade at Rs 858.90 per kg in 252 lots.
Market analysts said apart from increased domestic demand from alloy-makers, firmness in base metals overseas after China's official manufacturing data unexpectedly strengthened, helped nickel futures to trade higher.
