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

economictimes.indiatimes.com

New Delhi: Zinc prices rose 0.84 per cent to Rs 203.45 per kg in futures trade Tuesday tracking a firm trend at the physical market on the back of pick-up in demand.

On the Multi Commodity Exchange, zinc for July contracts was trading higher by Rs 1.70, or 0.84 per cent, to Rs 203.45 per kg with a business turnover of 3,620 lots.

Marketmen said fresh positions created by participants due to pick-up in demand from consuming industries in the spot market mainly led to rise in zinc prices.

Copper

Copper futures traded 0.45 per cent higher at Rs 416.75 per kg Tuesday as speculators raised bets largely in line with a firming trend in base metals at the spot market.

On the Multi Commodity Exchange, copper for delivery in July contracts traded higher by Rs 1.85, or 0.45 per cent, to Rs 416.75 per kg in a business turnover of 21,720 lots.

Analysts said, gains in copper and other metals on rising demand at the domestic spot market mainly influenced metal prices here.

Nickel

Nickel prices edged up by 0.35 per cent to Rs 888.90 per kg in futures trade Tuesday amid pick-up in demand from alloy-makers at the domestic spot market.

On the Multi Commodity Exchange, nickel to be delivered in July was trading higher by Rs 3.10, or 0.35 per cent, to Rs 888.90 per kg with a turnover of 4,467 lots.

Analysts said expansion of positions by traders tracking pick-up in demand from alloy-makers mainly supported nickel prices here.

Lead

Lead prices rose 0.26 per cent to Rs 155.40 per kg in futures trade Tuesday due to pick-up in demand from consuming industries at the spot market.

On the Multi Commodity Exchange, lead for delivery in July contracts was trading up by 40 paise, or 0.26 per cent, to Rs 155.40 per kg in a business turnover of 1,817 lots.

Market analysts said fresh positions created by traders amid upsurge in demand from battery-makers in the spot market led to the rise in lead prices here.