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Base Metals: Zinc, nickel, aluminium futures gain on spot demand

Nickel prices edged up by Rs 13.50 to Rs 1,230.40 per kg in futures trade on Wednesday.

PTI|
Updated: Oct 30, 2019, 01.18 PM IST
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On the Multi Commodity Exchange, zinc for delivery in October traded higher by Rs 1.15, or 0.61 per cent, to Rs 181.90 per kg in a business turnover of 256 lots.

Commodity Summary
MCX

NICKEL
ALUMINIUM
ZINC
New Delhi: Zinc prices rose 0.61 per cent to Rs 189.90 per kg in futures market on Wednesday as traders built up fresh positions amid increase in spot demand.

On the Multi Commodity Exchange, zinc for delivery in October traded higher by Rs 1.15, or 0.61 per cent, to Rs 181.90 per kg in a business turnover of 256 lots.

Similarly, the metal for delivery in November edged up by 30 paise, or 0.16 per cent, to Rs 190.90 per kg in 3,079 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 prices edged up by Rs 13.50 to Rs 1,230.40 per kg in futures trade on Wednesday as speculators built their positions owing to rising demand from alloy-makers at the spot market.

On the Multi Commodity Exchange, nickel contracts for October delivery gained Rs 13.50, or 1.11 per cent, to Rs 1,230.40 per kg in a business turnover of 293 lots.

Similarly, the metal for delivery in November traded up by Rs 2.30, or 0.19 per cent, at Rs 1,205.80 per kg in a business turnover of 10,610 lots.

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

Aluminium

Aluminium prices on Wednesday edged 0.66 per cent higher to Rs 130.35 per kg in futures market after speculators built up fresh positions amid positive trend at the spot market.

On the Multi Commodity Exchange (MCX), aluminium for delivery in October contracts increased by 85 paise, or 0.66 per cent, to Rs 130.35 per kg in a business turnover of 474 lots.

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

Copper

Copper futures traded higher by 10 paise to Rs 438.45 per kg in futures trade on Wednesday after speculators built fresh positions owing to rise in spot demand.

On the Multi Commodity Exchange, copper contracts for October delivery rose by 10 paise, or 0.02 per cent, to Rs 438.45 per kg in a business turnover of 532 lots.

Copper contracts for November delivery traded up by 20 paise, or 0.24 per cent, to Rs 443.70 per kg in a business turnover of 6,246 lots.

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

Also Read

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Base Metals: Nickel, aluminium drift lower in futures amid low demand

Commodity outlook: How gold, silver, nickel, crude oil

Base metals: Nickel, lead futures slide on soft demand

Base metals: Nickel, copper, lead futures drop on soft demand

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