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Base Metals: Aluminium, lead, zinc drift lower in futures amid weak demand

Aluminium for delivery in November declined by 15 paise, or 0.11 per cent.

PTI|
Nov 11, 2019, 05.28 PM IST
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Nickel-GETTY
Nickel futures on Monday declined by Rs 8.50 at Rs 1,162.50 per kg.

Commodity Summary
MCX

ALUMINIUM
Aluminium prices on Monday fell 15 paise to Rs 135.50 per kg in futures market as participants trimmed their positions amid a weak trend at spot market.

On the Multi Commodity Exchange, aluminium for delivery in November declined by 15 paise, or 0.11 per cent, to Rs 135.50 per kg in 500 lots.

Analysts said cutting down of positions by participants on easing demand from consuming industries in physical market mainly kept aluminium prices lower here.

Lead

Lead prices on Monday drifted lower 0.10 per cent to Rs 156.45 per kg in futures market as speculators cut bets on low demand.

On the Multi Commodity Exchange, lead for delivery in November fell by 15 paise, or 0.10 per cent, to Rs 156.45 per kg in 804 lots.

Likewise, the metal for delivery in December shed 20 paise, or 0.13 per cent, to Rs 156.25 per kg in 6 lots.

Analysts said off-loading of positions by participants owing to slackened demand from consuming industries in the physical market mainly influenced lead prices at futures trade.

Zinc
Zinc futures on Monday traded lower by 85 paise to Rs 193.85 per kg as speculators reduced exposure in spot market.

On the Multi Commodity exchange, zinc contracts for November slipped 0.44 per cent, or 85 paise, to Rs 193.85 per kg in a business turnover of 1,326 lots.

For December contracts, zinc futures reduced by 25 paise, or 0.13 per cent, to Rs 192.95 per kg in a business turnover of 103 lots.

Cutting down of bets by speculators mainly led to fall in price of zinc futures, traders said.

Nickel
Nickel futures on Monday declined by Rs 8.50 at Rs 1,162.50 per kg due to reducing of positions by speculators amid sluggish demand at the spot market.

On the Multi Commodity Exchange, nickel contracts for November delivery fell by Rs 8.50, or 0.73 per cent, to Rs 1,162.50 per kg with a business turnover of 5,342 lots.

Similarly, nickel contracts for December delivery fell Rs 7.70, or 0.66 per cent, to Rs 1,154.60 per kg in 58 lots.

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

Copper
Copper futures traded 0.25 per cent lower at Rs 441.30 per kg on Monday as investors reduced their bets, taking weak cues from global markets.

Traders said apart from subdued trend overseas, weak demand in spot market mainly pushed down copper prices.

On the Multi Commodity Exchange, copper contracts for November delivery shed Rs 1.10, or 0.25 per cent, to Rs 441.30 per kg in 1,870 lots.

Similarly, copper contracts for December delivery traded down by Rs 1.15, or 0.26 per cent, to Rs 446.35 per kg in 92 lots.

Globally, copper was trading 0.84 per cent lower to $5,924 per tonne on the London Metal Exchange.

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