Continuing its gaining streak for the third straight day, nickel prices rose further by 0.51 per cent to Rs 572.30 per kg in futures trading today as speculators engaged in building up positions, taking positive cues from spot market on strong demand.
At the Multi Commodity Exchange, nickel for delivery in June rose by Rs 2.90, or 0.51 per cent to Rs 572.30 per kg in a business turnover of 720 lots.
In a similar fashion, the metal for delivery in July gained Rs 2.70, or 0.47 per cent to Rs 577.70 per kg in 22 lots.
Analysts said expanding of positions by participants on the back of surging demand from alloy-makers in the physical market, mainly kept nickel prices higher at futures trade.
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