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Base Metals: Aluminium, nickel edge up in futures trade amid high demand

Nickel prices on Friday edged up by 50 paise to Rs 1,004.30 per kg in futures trade.

PTI|
Last Updated: Jan 24, 2020, 03.26 PM IST
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Zinc prices on Friday fell by 40 paise to Rs 184.65 per kg in futures trade.
Zinc prices on Friday fell by 40 paise to Rs 184.65 per kg in futures trade as speculators cut bets amid easing demand in spot market.

On the Multi Commodity Exchange, zinc contracts for May delivery moved down by 40 paise, or 0.22 per cent, to Rs 184.65 per kg in a business turnover of 8 lots.

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

Aluminium
Aluminium prices on Friday edged up 1.84 per cent to Rs 143.85 per kg in futures market after speculators built up fresh positions amid positive trend in spot market.

On the Multi Commodity Exchange, aluminium contracts for delivery in May gained Rs 2.60, or 1.84 per cent, to Rs 143.85 per kg with a business turnover of 12 lots.

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

Nickel
Nickel prices on Friday edged up by 50 paise to Rs 1,004.30 per kg in futures trade as speculators built positions on rising demand from alloy-makers at spot market.

On the Multi Commodity Exchange, nickel contracts for January delivery gained 50 paise, or 0.05 per cent, to Rs 1,004.30 per kg in a business turnover of 1,861 lots.

Similarly, the metal for February delivery traded higher by 80 paise, or 0.08 per cent, at Rs 985.60 per kg in a business turnover of 349 lots.

Rising demand in spot market from alloy-makers supported price rise in nickel futures, analysts said.

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