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Nickel prices were up 0.72 per cent to Rs 655.50 per kg in futures trade today as speculators widened positions, amid pickup in demand from alloy-makers at domestic spot markets.
However, slide in base metals at the London Metal Exchange (LME) after weak US manufacturing data added to signs that global growth may be slowing, limited gains.
At the Multi Commodity Exchange, nickel for delivery in September moved up Rs 4.70, or 0.72 per cent to Rs 655.50 per kg in a business turnover of 987 lots.
Similarly, the metal for delivery in October contracts edged up Rs 4.65, or 0.71 per cent to Rs 662.55 per kg in 37 lots.
Analysts attributed the rise in nickel prices in futures trade to widening of positions by traders, driven by a firming trend at the spot markets on pickup in demand from consuming industries, especially alloy-makers.
