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Supported by a firming trend in the global market and increased demand from alloy-makers, nickel prices rose by 0.89% to Rs 955 per kg in futures trade today as speculators created fresh positions.
At the Multi Commodity Exchange, nickel for delivery in April gained Rs 8.40, or 0.89%, to Rs 955 per kg, with a business turnover of 272 lots.
Similarly, the metal for delivery in March traded higher by Rs 7, or 0.74%, to Rs 951.10 per kg, in a turnover of 323 lots.
Marketmen said the rise in nickel prices at futures trade was mostly on the back of a firming trend at the London Metal Exchange (LME) on speculation that Russian supply will be disrupted.
Besides, rising demand from alloy-makers also supported the upside, they said.
Globally, nickel, used for corrosion resistance in stainless steel, for delivery in three months at the LME closed at USD 15,710 a tonne on Friday.
