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Supported by pick-up in domestic demand and a firming trend at the London Metal Exchange, nickel prices rose Rs 5.90 to Rs 1,186 per kg at the futures market today.
At the Multi Commodity Exchange, nickel for delivery in May rose Rs 5.90 or 0.5 per cent to Rs 1,186 per kg with an open interest of two lots. Similarly, April contract moved up by Rs 5.20 or 0.44 per cent to Rs 1,177 per kg with a business turnover of one lot.
Market analysts said apart from the rising trend in base metals at the London Metal Exchange (LME), increased offtake by alloy makers led to the rise in nickel futures prices.
Meanwhile, nickel gained one per cent to $26,675 a tonne at the LME.
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