Base Metals: Copper, nickel, lead futures up on spot demand

Source: economictimes.indiatimes.com

New Delhi: Zinc futures traded 0.44 per cent lower to Rs 193.05 per kg on Monday as speculators reduced exposure amid subdued demand at the spot market. 

Zinc for delivery in July contracts fell by 85 paise, or 0.44 per cent, to Rs 193.05 per kg on the Multi Commodity Exchange clocking a business turnover of 6,119 lots. 

Traders said the weakness in zinc prices at futures trade was mostly due to cutting down of bets by speculators in tandem with a weak trend at the spot market. 

Copper 

Copper prices rose 0.60 per cent to Rs 441.20 per kg in futures trade Monday after participants raised their positions amid pick-up in demand at the spot market. 

On the Multi commodity Exchange, copper for delivery in July contracts was trading higher by Rs 2.70, or 0.60 per cent to Rs 441.20 per kg in a business turnover of 4,874 lots. 

Analysts attributed the rise in copper prices at futures trade to raising of bets by participants, driven by a pick-up in demand at the spot market. 

Nickel

Nickel prices went up by 1.11 per cent to Rs 896 per kg in futures trade Monday as speculators raised their bets amid a firm trend overseas and higher spot demand. 

On the Multi Commodity Exchange, nickel for delivery in July contracts gained Rs 9.80, or 1.11 per cent, to Rs 896 per kg in a busines ..