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Base Metals: Aluminium, lead, zinc drift lower in futures trade amid weak demand

Aluminium prices on .Friday fell 30 paise to Rs 134.15 per kg in futures market

PTI|
Last Updated: Dec 20, 2019, 02.37 PM IST
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Nickel futures on Friday declined by Rs 4.40 to Rs 1,032.10 per kg.
Aluminium prices on Friday fell 30 paise to Rs 134.15 per kg in futures market as participants trimmed their positions amid a weak trend in spot market.

On the Multi Commodity Exchange, aluminium for delivery in December declined by 30 paise, or 0.22 per cent, to Rs 134.15 per kg in 225 lots.

Analysts said cutting down of positions by participants on easing demand from consuming industries in physical market mainly kept aluminium prices lower here.

Lead
Lead prices on Friday drifted lower by 0.13 per cent to Rs 152.95 per kg in futures market as speculators cut bets on low demand.

On the Multi Commodity Exchange, lead for delivery in December fell by 20 paise, or 0.13 per cent, to Rs 152.95 per kg in 432 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.

Zinc

Zinc prices on Friday fell by 85 paise to Rs 182.85 per kg in futures trade as speculators cut bets amid easing demand in the spot market.

At the Multi Commodity Exchange, zinc contracts for December delivery moved down by 85 paise, or 0.46 per cent, to Rs 182.85 per kg in a business turnover of 1,476 lots.

Analysts said offloading of positions by traders owing to slackened demand from consuming industries in the physical market weighed on zinc prices in futures trade here.

Nickel
Nickel futures on Friday declined by Rs 4.40 to Rs 1,032.10 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 4.40, or 0.45 per cent, to Rs 1,032.10 per kg with a business turnover of 3,279 lots.

Similarly, nickel contracts for January delivery fell by similar margins to Rs 1,031.20 per kg in 162 lots.

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

Copper

Copper futures traded 0.55 per cent lower at Rs 443.25 per kg in futures trade on Friday as speculators reduced their exposure on weak spot demand.

On the Multi Commodity Exchange, copper contracts for December delivery fell by Rs 2.45 or 0.55 per cent, to Rs 443.25 per kg in a business turnover of 3,457 lots.

Similarly, copper contracts for January delivery traded lower by Rs 2.70, or 0.60 per cent, at Rs 448.15 per kg in a business turnover of 343 lots.

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

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