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Rise in demand lifts nickel futures marginally

Business Finance

Press Trust of India  |  New Delhi 

Supported by pick up in demand at the spot market, nickel prices were marginally up by 0.20 per cent to Rs 931.70 per kg in futures market Tuesday as speculators built up fresh positions.

At the Multi Commodity Exchange, nickel for delivery in current month were up by Rs 1.90, or 0.20 per cent, to Rs 931.70 per kg in a business turnover of 307 lots.

Similarly, the metal for delivery in October contracts rose Rs 1.70, or 0.18 per cent, to Rs 936.80 per kg in 65 lots.

Analysts said creation of fresh positions by speculators, taking positive cues from spot market following pick up in demand from alloy-makers, led to the rise in nickel prices in futures trade here, but a weak trend in the base metals pack at the London Metal Exchange on demand concerns following intensifying trade war between the China and the US capped the gains.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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First Published: Tue, September 25 2018. 12:00 IST