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Nickel prices moved up by 0.43% to Rs 1,027.80 per kg in futures market today after speculators enlarged positions, tracking a firming trend in spot market on increased demand from alloy-makers.
Besides, an encouraging trend in copper and other base metals in the global markets supported the upside.
At the Multi Commodity Exchange, nickel for delivery in January month contracts gained Rs 4.40, or 0.43%, to Rs 1,027.80 per kg in business turnover of two lots.
In a similar manner, the metal for delivery in current month rose by Rs 3.60, or 0.40%, to Rs 1,020.60 per kg in 193 lots.
Market analysts said apart from increased domestic demand from alloy-makers, firmness in base metals overseas at the London Metal Exchange (LME) as weakening dollar made commodities priced in greenbacks more attractive to investors, influenced nickel futures here.
