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Nickel futures buoy on uptick in demand

Nickel futures were trading higher during evening trade in the domestic market on Wednesday as investors and speculators extended their positions in the industrial metal on rise in demand amid weaker US dollar against a basket of other currencies.

The greenback dropped following comments from the US President-elect Trump noting that the dollar is too high. Meanwhile, investors digested the UK Prime Minister Theresa May’s speech on Brexit plans in which she made it clear that- the UK will make a clean break from the EU and leave its single market of some 500 million people. 

 

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At the MCX, nickel futures for January 2017 contract is trading at Rs 694.50 per kg, up by 0.94 per cent, after opening at Rs 690.20, against a previous close of Rs 688. It touched the intra-day high of Rs 696.10.

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