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    Base Metals: Lead, nickel, zinc edge up in futures owing to rise in demand

    Synopsis

    Lead prices traded higher by 30 paise to Rs 156.65 per kg in futures trade on Friday.

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    Nickel prices on Friday edged up by Rs 1.20 to Rs 1,173 per kg in futures trad.
    Lead prices traded higher by 30 paise to Rs 156.65 per kg in futures trade on Friday as participants built up fresh positions driven by pick-up in demand at the spot market.

    On the Multi Commodity Exchange, lead for delivery in November edged higher by 30 paise, or 0.19 per cent, to Rs 156.65 per kg in a business volume of 897 lots.

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

    Nickel

    Nickel prices on Friday edged up by Rs 1.20 to Rs 1,173 per kg in futures trade as speculators built their positions owing to rising demand from alloy-makers at spot market.

    On the Multi Commodity Exchange, nickel contracts for November delivery gained Rs 1.20, or 0.10 per cent, to Rs 1,173 per kg in a business turnover of 4,635 lots.

    Similarly, the metal for delivery in December traded up by 10 paise, or 0.01 per cent, at Rs 1,164.60 per kg in a business turnover of 21 lots.

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

    Zinc
    Zinc prices on Friday rose 0.21 per cent to Rs 193.50 per kg in futures trade, tracking a firm trend in physical market on the back of uptick in demand.

    On the Multi Commodity Exchange, zinc for November contracts was trading higher by 40 paise, or 0.21 per cent, at Rs 193.50 per kg with a business turnover of 2,490 lots.

    Marketmen said zinc prices rose as participants raised bets following a pick-up in demand from consuming industries.

    Copper
    Copper futures on Friday traded 0.36 per cent lower at Rs 444.10 per kg in futures trade after speculators reduced their exposure even as the metal gained overseas

    On Multi Commodity Exchange, copper contracts for November delivery fell by Rs 1.60, or 0.36 per cent, to Rs 444.10 per kg in 2,759 lots.

    Similarly, copper contracts for December delivery traded down by Rs 1.50, or 0.33 per cent, at Rs 448.85 per kg in 113 lots.

    Globally, copper traded 1.13 per cent higher at USD 5,974 per tonne at the London Metal Exchange.

    Aluminium
    Aluminium prices on Friday edged up 25 paise to Rs 135.20 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 November contracts edged higher by 25 paise, or 0.19 per cent, to Rs 135.20 per kg in a business turnover of 382 lots.

    The metal for December delivery gained 5 paise, or 0.04 per cent, to Rs 137.15 per kg in 9 lots.

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