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Nickel prices moved up by 0.28% to Rs 851.70 per kg in futures market today after speculators widens their bets, tracking a firming trend in the spot market on increased demand from alloy makers.
However, metal's weakness at the London Metal Exchange (LME) capped the gains.
At Multi Commodity Exchange, nickel for delivery in July gained Rs 2.40, or 0.28%, to Rs 851.70 per kg in a business turnover of 16 lots.
In a similar manner, the metal for delivery in June rose Rs 2.10, or 0.25%, to Rs 843.60 per kg in 363 lots.
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Analysts said increased domestic demand from alloy makers and other consuming industries influenced nickel futures here, but metal's losses at LME limited gains.
The metal fell 0.6% to $13,100 a tonne on LME as inventory monitored by the bourse has risen 65% in the past year to 4,69,488 metric tonnes, according to exchange data.
