Supported by rising demand from alloy-makers in the domestic spot market and a firming trend in base metals overseas, nickel prices moved up by 0.49 per cent to Rs 883.80 per kg in futures trade today.
Nickel for delivery in April moved up by Rs 4.30, or 0.49 per cent, to Rs 883.80 per kg in a business turnover of 1,250 lots at the Multi Commodity Exchange.
Similarly, the metal for delivery in May contracts too traded higher by Rs 3.90, or 0.44 per cent, to Rs 887.90 per kg in 8 lots.
Market analysts attributed the rise in nickel futures to increase in positions by speculators, driven by rising demand from alloy-makers in the spot market and a better trend in select metals at the London Metal Exchange (LME).
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