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Base Metals: Copper, zinc, nickel futures rise on spot demand

Nickel prices strengthened by Rs 7.50 to Rs 1,253.90 per kg in futures trade on Thursday.

PTI|
Oct 03, 2019, 01.54 PM IST
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Increase in demand at spot markets from alloy-makers supported price rise in nickel futures, analysts said.

Commodity Summary
MCX

NICKEL
ALUMINIUM
COPPER
ZINC
New Delhi: Copper futures traded higher by Rs 1.20 to Rs 440 per kg in futures trade on Thursday after speculators built fresh positions owing to rise in spot demand.

On the Multi Commodity Exchange, copper contracts for October delivery rose by Rs 1.20, or 0.27 per cent, to Rs 440 per kg in a business turnover of 3,133 lots.

Copper contracts for November delivery traded up by Rs 1.05, or 0.24 per cent, to Rs 444.15 per kg in a business turnover of 77 lots.

Market analysts said increased demand from consuming industries at the domestic spot market mainly influenced copper prices at futures trade.

Zinc

Zinc prices edged higher 0.03 per cent to Rs 182.05 per kg in futures market on Thursday as traders built up fresh positions amid increase in spot demand.

On the Multi Commodity Exchange, zinc for delivery in October traded higher by 5 paise, or 0.03 per cent, to Rs 182.05 per kg in a business turnover of 1,832 lots.

The metal for delivery in November edged up by 5 paise, or 0.03 per cent, to Rs 184.20 per kg in 43 lots.

Marketmen said building up of fresh positions by participants following improved demand in the domestic spot market mainly influenced zinc prices.

Aluminium

Aluminium prices fell by Rs 1.60 at Rs 134.40 per kg in futures trade on Thursday as participants trimmed positions, tracking a weak trend at spot market due to sluggish demand.

On the Multi Commodity Exchange, aluminium for October delivery eased by Rs 1.60, or 1.18 per cent, to Rs 134.40 per kg in a business turnover of 1,018 lots.

Similarly, the metal for November delivery weakened by Rs 1.85, or 1.34 per cent, to Rs 136.60 per kg in 179 lots.

Analysts attributed the weakness in aluminium prices to slackened demand from consuming industries in the spot market.

Nickel

Nickel prices strengthened by Rs 7.50 to Rs 1,253.90 per kg in futures trade on Thursday as investors raised their positions driven by firm demand from alloy-makers at the spot market.

On the Multi Commodity Exchange, nickel contracts for October delivery gained Rs 7.50, or 0.6 per cent, to Rs 1,253.90 per kg in a business turnover of 7,059 lots.

Similarly, the metal for delivery in November traded up by Rs 8.50, or 0.69 per cent, at Rs 1,246.10 per kg in a business turnover of 249 lots.

Increase in demand at spot markets from alloy-makers supported price rise in nickel futures, analysts said.

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