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Base metals: Nickel, lead futures slide on soft demand

Copper prices on Wednesday traded up by 5 paise to Rs 428.40 per kg in futures trade.

PTI|
Dec 04, 2019, 03.43 PM IST
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Nickel-GETTY
On the MCX, nickel contracts for December delivery fell by Rs 8.70, or 0.88 per cent, at Rs 977.70 per kg with a business turnover of 2,353 lots.

Commodity Summary
MCX

NICKEL
COPPER
New Delhi: Nickel futures on Wednesday declined by Rs 8.70 to Rs 977.70 per kg due to reducing of positions by speculators amid sluggish demand in spot market.

On the Multi Commodity Exchange, nickel contracts for December delivery fell by Rs 8.70, or 0.88 per cent, at Rs 977.70 per kg with a business turnover of 2,353 lots.

Similarly, nickel contracts for January delivery fell by Rs 6.40, or 0.65 per cent, to Rs 975 per kg in 135 lots.

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

Copper
Copper prices on Wednesday traded up by 5 paise to Rs 428.40 per kg in futures trade on pick-up in spot demand.

On the Multi Commodity Exchange, copper contracts for December delivery traded higher by 5 paise, or 0.01 per cent, to Rs 428.40 per kg in a business turnover of 7,078 lots.

Similarly, the metal for delivery in January edged up by 20 paise, or 0.05 per cent, to Rs 433.10 per kg in 311 lots.

Analysts attributed the rise in copper prices to raising of bets by participants, driven by a pick-up in demand in spot market.

Lead
Lead prices on Wednesday drifted 0.1 per cent lower to Rs 152.25 per kg in futures market as speculators cut bets on low demand.

On the Multi Commodity Exchange, lead for delivery in December fell by 15 paise, or 0.1 per cent, to Rs 152.25 per kg in 1,342 lots.

Analysts said off-loading of positions by participants owing to slackened demand from consuming industries in physical market mainly influenced lead prices in futures trade.

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