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Base Metals: Nickel trades up, copper trades lower in futures trade

Nickel prices on Thursday rose by Rs 4.10 to Rs 1,053 per kg in futures trade.

PTI|
Last Updated: Jan 16, 2020, 03.36 PM IST
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Nickel prices on Thursday rose by Rs 4.10 to Rs 1,053 per kg in futures trade as speculators built positions due to rising demand from alloy-makers in domestic market.

On the Multi Commodity Exchange, nickel contracts for January delivery gained Rs 4.10, or 0.39 per cent, to Rs 1,053 per kg in a business turnover of 2,037 lots.

The metal for February delivery gained Rs 4.60, or 0.44 per cent, to Rs 1,042 per kg in a business turnover of 515 lots.

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

Copper

Copper futures on Thursday traded slightly lower at Rs 455 per kg as speculators reduced their exposure on weak spot demand.

On the Multi Commodity Exchange, copper contracts for January delivery fell by 25 paise, or 0.05 per cent, to Rs 455 per kg in a business turnover of 4,843 lots.

Similarly, copper contracts for February delivery traded lower by 5 paise, or 0.01 per cent, at Rs 456.10 per kg in a business turnover of 1,614 lots.

Traders said weak demand in spot market mainly pushed down copper prices here.

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