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Nickel prices moved up by 0.50% to Rs 1,011.70 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 current month contracts gained Rs 5, or 0.50%, to Rs 1,011.70 per kg in business turnover of 525 lots.
In a similar manner, the metal for delivery in December rose by Rs 4.60, or 0.45%, to Rs 1,017.80 per kg in 98 lots.
Market analysts said apart from increased domestic demand from alloy-makers, firmness in base metals overseas at the London Metal Exchange (LME) as China's central bank signalled it will continue easing monetary policy to stimulate the economy, stoking speculation demand will rise in the world's biggest metals user, influenced nickel futures here.
Globally, nickel at the LME gained as much as 0.7% to $16,469 per tonne, heading for its first monthly gain in three.
