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Nickel prices shot up by 0.82% to Rs 1,022.80 per kg in the futures market today as speculators enlarged their 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 gained Rs 8.30, or 0.82%, to Rs 1,022.80 per kg in business turnover of 681 lots.
The metal for delivery in January next year rose by Rs 7.70, or 0.75%, to trade at Rs 1,028.40 per kg in 27 lots.
Market analysts said apart from increased domestic demand from alloy-makers, firmness in the base metals pack at the London Metal Exchange (LME) as the US House passed a $1.1 trillion spending bill just hours before government funding runs out in the second-biggest consumer of the metal, influenced nickel prices at futures trade.
