Base Metals: Zinc, nickel, lead futures soften on muted demand

Source: conomictimes.indiatimes.com

New Delhi: Zinc futures traded 0.26 per cent lower at Rs 191.40 per kg on Tuesday as speculators trimmed positions amid subdued demand at the spot market. 

On Multi Commodity Exchange, zinc contracts for July delivery fell by 50 paisa, or 0.26 per cent, to Rs 191.40 per kg, clocking a business turnover of 6,642 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.

Nickel 

Nickel prices drifted lower by 0.56 per cent to Rs 895.50 per kg in futures trade Tuesday as speculators trimmed positions amid muted spot demand. 

On Multi Commodity Exchange, nickel contracts for July delivery declined by Rs 5, or 0.56 per cent, to Rs 895.50 per kg in a business turnover of 9,061 lots. 

Analysts said apart from low demand from alloy-makers, profit-booking by speculators weighed on nickel futures. 

Similarly, the metal for delivery in August contracts traded lower by Rs 4.40, or 0.49 per cent, to Rs 902.60 per kg in 832 lots. 

Lead

Lead prices fell 0.03 per cent to Rs 152.85 per kg in futures trade Tuesday after participants booked profits amid subdued demand at the spot market. 

On Multi Commodity Exchange, lead contracts for July delivery traded down by 5 paise, or 0.03 per cent, to Rs 152.85 per kg in a business turnover of 2,784 lots. 

Analysts attributed the fall in lead prices to profit-booking by players at current levels coupled with low demand at the spot market. 

Aluminium

Aluminium prices softened 0.14 per cent to Rs 141.65 per kg in futures trade Tuesday as speculators cut bets amid subdued demand at the spot market.

On Multi Commodity Exchange, aluminium contracts for July delivery eased by 20 paisa, or 0.14 per cent, to Rs 141.65 per kg in a business turnover of 2,773 lots. 

Analysts said offloading of positions by participants owing to slackened demand from consuming industries at spot market mainly weighed on the aluminium prices here.