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    Base Metals: Copper, nickel, zinc trade lower in futures trade amid low demand

    Synopsis

    Copper futures on Wednesday traded 0.42 per cent lower at Rs 435.90 per kg in futures trade.

    PTI
    Copper futures on Wednesday traded 0.42 per cent lower at Rs 435.90 per kg in futures trade as speculators reduced their positions tracking a weak trend at the spot market.

    On Multi Commodity Exchange, copper contracts for November delivery fell Rs 1.35, or 0.42 per cent, to Rs 435.90 per kg in 2,355 lots.

    Similarly, copper contracts for December delivery traded down by Rs 2.15, or 0.49 per cent, at Rs 440.85 per kg in 398 lots.

    Globally, however, copper traded 0.77 per cent higher at $5,875 per tonne at the London Metal Exchange.

    Nickel
    Nickel futures on Wednesday declined by Rs 7.30 to Rs 1,082 per kg due to reducing of positions by speculators amid sluggish demand at spot market.

    On the Multi Commodity Exchange, nickel contracts for November delivery fell by Rs 7.30, or 0.67 per cent, to Rs 1,082 per kg with a business turnover of 6,725 lots.

    Similarly, nickel contracts for December delivery fell Rs 10.40, or 0.96 per cent, to Rs 1,072.10 per kg in 205 lots.

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

    Lead
    Lead prices on Wednesday traded higher by 15 paise to Rs 154.80 per kg in futures trade as participants built up fresh positions driven by pick-up in demand in spot market.

    On the Multi Commodity Exchange, lead for delivery in November edged higher by 15 paise, or 0.10 per cent, to Rs 154.80 per kg in a business volume of 913 lots.

    Lead contracts for December delivery traded up by 20 paise, or 0.13 per cent, to Rs 155.10 per kg in a business turnover of 58 lots.

    Market analysts said fresh positions created by traders due to upsurge in demand by battery-makers in physical market mainly helped lead prices to trade higher.

    Zinc

    Zinc future prices on Wednesday were trading 0.34 per cent lower at Rs 188.90 per kg as speculators reduced exposure at the spot market.

    At the Multi Commodity exchange, zinc contracts for November slipped 0.34 per cent, or 65 paise, to Rs 188.90 per kg in a business turnover of 1,676 lots.

    For December contracts, zinc futures declined 60 paise, or 0.32 per cent, to Rs 189.50 per kg in a turnover of 176 lots.

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