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Base Metals: Lead, zinc, copper trade up in futures amid strong demand

Lead prices on Monday traded higher by 65 paise to Rs 155.60 per kg in futures trade.

PTI|
Nov 18, 2019, 03.17 PM IST
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Nickel futures on Monday declined by 90 paise to Rs 1,109.40 per kg.
Lead prices on Monday traded higher by 65 paise to Rs 155.60 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 65 paise, or 0.42 per cent, to Rs 155.60 per kg in a business volume of 654 lots.

Lead contracts for December delivery traded up by 60 paise, or 0.39 per cent, to Rs 155.95 per kg in a business turnover of 23 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 prices rose 0.23 per cent to Rs 192.75 per kg in futures market on Monday as traders built up fresh positions amid increase in spot demand.

On the Multi Commodity Exchange, zinc for delivery in November traded higher by 45 paise, or 0.23 per cent, to Rs 192.75 per kg in a business turnover of 935 lots.

Similarly, the metal for delivery in November edged up by 20 paise, or 0.10 per cent, to Rs 192.25 per kg in 54 lots.

Market analysts said fresh positions created by participants on the back of rise in demand from consuming industries mainly attributed to gain in zinc prices.

Nickel
Nickel futures on Monday declined by 90 paise to Rs 1,109.40 per kg due to reducing of positions by speculators amid sluggish demand in spot market.

On the Multi Commodity Exchange, nickel contracts for November delivery fell by 90 paise, or 0.08 per cent, to Rs 1,109.40 per kg with a business turnover of 5,462 lots.

Similarly, nickel contracts for December delivery fell 60 paise, or 0.05 per cent, to Rs 1,101.20 per kg in 80 lots.

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

Copper
Copper prices on Monday traded 0.24 per cent up at Rs 438.75 per kg in futures trade amid pick-up in spot demand.

Higher prices of the metal in the global market also influenced the sentiment, traders said.

On the Multi Commodity Exchange, copper contracts for November delivery traded higher by Rs 1.05, or 0.24 per cent, at Rs 438.75 per kg in a business turnover of 1,681 lots.

Similarly, the metal for delivery in December edged up by Rs 1.10 , or 0.25 per cent, to Rs 443.75 per kg in 89 lots.

Globally, copper was 0.17 per cent up at $5,849 per tonne on the London Metal Exchange.

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