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Nickel prices moved up by 0.62% to Rs 1,135.20 per kg in futures market today as speculators enlarged positions amid a firming trend in spot market on increased demand from alloy-makers.
Besides, an encouraging trend in select base metals in the global markets supported the upside.
At the Multi Commodity Exchange, nickel for delivery in August gained Rs 7, or 0.62%, to Rs 1,135.20 per kg in a business turnover of 472 lots.
Similarly, the metal for delivery in September rose by Rs 6.70, or 0.59%, to Rs 1,140 per kg in just one lot.
Analysts said besides rising demand from alloy-makers, a firming trend at the London Metal Exchange (LME) as stronger than expected manufacturing data in China, the largest metals consumer, signalling improving demand, influenced nickel futures here.
Globally, nickel for delivery in three months climbed as much as 1% to USD 18,688 per tonne on the London Metal Exchange.
