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Nickel prices went up by 0.25% to Rs 881 per kg in futures market today as speculators enlarged positions amid a firming trend in the spot market on increased demand from alloy-makers even as metal weakened overseas.
At Multi Commodity Exchange, nickel for delivery in May gained Rs 2.20, or 0.25%, to Rs 881 per kg in a business turnover of 977 lots.
Similarly, the metal for delivery in June rose Rs 2.50, or 0.23%, to Rs 888.80 per kg in 37 lots.
Analysts said rising demand from alloy-makers at domestic spot markets helped nickel futures to trade higher, but metal's weakness at the London Metal Exchange (LME) amid data showing home prices slid in China, the world's biggest consumer, capped the gains.
Globally, nickel lost 1.3% to $13,800 per tonne at the London Metal Exchange, while at Shanghai, metal for July delivery fell 1.4% to 108,720 yuan ($17,526) per tonne.
