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Base metals: Aluminium, copper futures gain on fresh bets

Copper prices on Monday traded up by Rs 1.85 at Rs 434.45 per kg in futures trade.

PTI|
Updated: Dec 02, 2019, 03.32 PM IST
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Analysts said fresh positions created by traders after positive demand from consuming industries mainly led to rise in aluminium prices.

Commodity Summary
MCX

NICKEL
ALUMINIUM
COPPER
ZINC
New Delhi: Aluminium prices on Monday edged up 35 paise to Rs 133.90 per kg in futures market after speculators built up fresh positions amid positive trend at the spot market.

On the Multi Commodity Exchange, aluminium for delivery in December contracts edged higher by 35 paise, or 0.26 per cent, to Rs 133.90 per kg in a business turnover of 319 lots.

Analysts said fresh positions created by traders after positive demand from consuming industries mainly led to rise in aluminium prices.

Copper
Copper prices on Monday traded up by Rs 1.85 at Rs 434.45 per kg in futures trade on pick-up in spot demand.

On the Multi Commodity Exchange, copper contracts for delivery in December traded higher by Rs 1.85, or 0.43 per cent, to Rs 434.45 per kg in a business turnover of 1,680 lots.

Similarly, the metal for delivery in January edged up by Rs 1.65, or 0.38 per cent, to Rs 439.40 per kg in 36 lots.

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

Nickel
Nickel futures on Monday declined by Rs 4.80 at Rs 1,000.70 per kg due to reducing of positions by speculators amid sluggish demand at the spot market.

On the Multi Commodity Exchange, nickel contracts for December delivery fell by Rs 4.80, or 0.48 per cent, at Rs 1,000.70 per kg with a business turnover of 2,650 lots.

Similarly, nickel contracts for January delivery fell by Rs 6.40, or 0.64 per cent, to Rs 996.20 per kg in 11 lots.

Analysts said subdued demand at the spot market mainly led to fall in nickel prices here.

Zinc
Zinc prices on Monday fell by 70 paise to Rs 184.35 per kg in futures trade as speculators cut bets driven by easing demand in the spot market.

At the Multi Commodity Exchange, zinc contracts for December delivery moved down by 70 paise, or 0.38 per cent, to Rs 184.35 per kg in a business turnover of 2,005 lots.

Analysts said offloading of positions by traders owing to slackened demand from consuming industries in the physical market weighed on zinc prices in futures trade here.

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