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Nickel prices surged by 3.23% to Rs 998.20 per kg in futures trade today as speculators enlarged their positions on the back of strong demand from alloy-makers in the spot market amid a firming global trend.
At the Multi Commodity Exchange, nickel for delivery in August month surged by Rs 31.20, or 3.23% to Rs 998.20 per kg in business turnover of 3,042 lots.
In a similar fashion, nickel for delivery in September shot up by Rs 30.50, or 3.11% to Rs 1,010.70 per kg in 1,002 lots.
Market analysts said the rise in nickel futures was attributed to rising demand at spot market from alloy-makers and a firming trend in copper and other base metals on the global market.
