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Base metals: Zinc, nickel futures drift lower on muted demand

Cutting down of bets by speculators mainly led to fall in zinc prices, traders said.

PTI|
Nov 28, 2019, 02.41 PM IST
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On the Multi Commodity Exchange, zinc contracts for November slipped 0.05 per cent, or 10 paise, to Rs 185.70 per kg in a business turnover of 3,196 lots.

Commodity Summary
MCX

NICKEL
ZINC
New Delhi: Zinc futures on Thursday traded 0.05 per cent lower at Rs 185.70 per kg as speculators reduced exposure in spot market.

On the Multi Commodity Exchange, zinc contracts for November slipped 0.05 per cent, or 10 paise, to Rs 185.70 per kg in a business turnover of 3,196 lots.

Cutting down of bets by speculators mainly led to fall in zinc prices, traders said.

Nickel

Nickel futures on Thursday declined by Rs 32 to Rs 1,045.10 per kg due to reducing of positions by investors amid sluggish demand in spot market.

On the Multi Commodity Exchange, nickel contracts for November delivery fell by Rs 32, or 2.99 per cent, to Rs 1,045.10 per kg with a business turnover of 9 lots.

Nickel contracts for December delivery traded lower by Rs 13.10, or 1.25 per cent, at Rs 1,035.60 per kg in 1,670 lots.

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

Lead

Lead prices on Thursday traded higher by 20 paise to Rs 153.60 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 December edged higher by 20 paise, or 0.13 per cent, to Rs 153.60 per kg in a business volume of 1,380 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.

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