Supported by rising demand from alloy-makers in domestic spot markets, nickel prices moved up by 0.51 per cent to Rs 726.10 per kg in futures trade today.
Nickel for delivery in current month was trading higher by Rs 3.70, or 0.51 per cent, to Rs 726.10 per kg in a business turnover of 636 lots at the Multi Commodity Exchange.
Similarly, the metal for delivery in April contracts traded higher by Rs 3.40, or 0.47 per cent, to Rs 731.90 per kg in three lots.
Market analysts attributed the rise in nickel prices at futures trade to enlarging of positions by speculators, driven by rising demand from alloy-makers in the spot market, but a weak trend in base metals overseas limited the gains.
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