Nickel prices up on strong demand and global cues

PTI reported that nickel prices surged by 3.23% to INR 998.20 per kg in futures trade today as speculators enlarged their positions on the back of strong demand from alloy-makers in the spot market amid a firming global trend.

At the Multi Commodity Exchange, nickel for delivery in August month surged by INR 31.20, or 3.23% to INR 998.20 per kg in business turnover of 3,042 lots.

In a similar fashion, nickel for delivery in September shot up by INR 30.50, or 3.11% to INR 1,010.70 per kg in 1,002 lots.

Market analysts said the rise in nickel futures was attributed to rising demand at spot market from alloy-makers and a firming trend in copper and other base metals on the global market.

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