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Nickel prices moved up by Rs 1.60 to Rs 1,131.40 per kg in futures market today after speculators enlarged positions, tracking a firming trend in spot market on increased demand from alloy-makers.
Besides, an encouraging trend in select base metals in the global markets supported the upside.
At the Multi Commodity Exchange, nickel for delivery in September gained Rs 1.60, or 0.14%, to Rs 1,131.40 per kg in business turnover of 531 lots.
In a similar fashion, the metal for delivery in current month rose by Rs 1.30, or 0.12%, to Rs 1,124.20 per kg in 531 lots.
Globally, nickel gained as much as 0.5% to $18,584 per tonne at the London Metal Exchange.
Market analysts said apart from increased domestic demand from alloy-makers, firmness in select base metals overseas, pushed up nickel prices at futures trade here.
