Nickel prices strengthened by 0.66 per cent to Rs 956.20 per kg in futures trade today as participants enlarged their bets amid rising demand from consuming industries at the domestic spot markets.
At the Multi Commodity Exchange, nickel for delivery in June went up by Rs 6.30, or 0.66 per cent, to Rs 956.20 per kg, in a business turnover of three lots.
On similar lines, the metal for delivery in May traded higher by Rs 5.60, or 0.59 per cent, to Rs 953.10 per kg in 831 lots.
Analysts said widening of positions by participants, tracking a firm trend at the spot market on rising demand from alloy-makers, mainly led to the rise in nickel prices at futures trade.
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