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Rising demand lifts nickel futures

Nickel prices on Friday edged up by Rs 1.20 to Rs 1,173 per kg in futures trade as speculators built their positions owing to rising demand from alloy-makers at spot market.

On the Multi Commodity Exchange, nickel contracts for November delivery gained Rs 1.20, or 0.10 per cent, to Rs 1,173 per kg in a business turnover of 4,635 lots.

Similarly, the metal for delivery in December traded up by 10 paise, or 0.01 per cent, at Rs 1,164.60 per kg in a business turnover of 21 lots.

Rising demand in spot market from alloy-makers supported price rise in nickel futures, analysts said.