Extending gains for the second day, nickel prices advanced by 1.98 per cent to Rs 705.80 per kg in futures trade today as participants widened their bets on the back of rising demand in the spot market.
At the Multi Commodity Exchange, nickel for delivery in February month rose by Rs 13.70, or 1.98 per cent, to Rs 705.80 per kg in business turnover of 19,688 lots.
Likewise, the metal for delivery in March contracts traded higher by Rs 13.40, or 1.92 per cent, to Rs 710.40 per kg in 652 lots.
Analysts said increasing of positions by traders, driven by surging demand from alloy-makers and other consuming industries in the spot market, kept nickel prices higher at futures trade.
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