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Continuing its rising streak, nickel prices moved up by over one% to Rs 1,133.20 per kg in futures market today as speculators engaged in enlarging positions, tracking a firming trend overseas.
Besides, rising demand from alloy-makers in the spot markets also supported the upside.
At the Multi Commodity Exchange, nickel for delivery in May gained Rs 11.70, or 1.04%, to Rs 1,133.20 per kg in a business turnover of 520 lots.
In a similar fashion, the metal for delivery in April rose by Rs 11, or 0.99%, to Rs 1,126.10 per kg in 3,271 lots.
Market analysts said apart from increased domestic demand from alloy-makers, a firming trend in metal at the London Metal Exchange (LME) on concern that the collapse of an accord to ease tension between Ukraine and Russia may lead to disruptions in global supply amid Indonesia's unprocessed ore export ban, mainly supported the upside in nickel futures here.
Globally, nickel for delivery in three months on the London Metal Exchange rose by 1.1% to USD 18,525 a metric tonne, the highest level since February 2013.
