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Base Metals: Copper, lead, aluminium futures up on spot demand

Copper contracts for July delivery traded higher by Rs 1.20 to Rs 452.65 per kg, on MCX.

PTI|
Jul 30, 2019, 01.00 PM IST
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Analysts attributed the rise in copper prices at futures trade to raising of bets by participants, driven by a pick-up in demand at the spot market.

Commodity Summary
MCX

NICKEL
ALUMINIUM
COPPER
ZINC
New Delhi: Copper prices rose 0.27 per cent to Rs 452.50 per kg in futures trade Tuesday after participants raised their positions amid pick-up in demand at spot market.

On the Multi Commodity Exchange, copper contracts for July delivery traded higher by Rs 1.20 paise, or 0.27 per cent, to Rs 452.65 per kg in a business turnover of 120 lots.

However, Copper contracts for August delivery traded down by 90 paise, or 0.2 per cent, to Rs 449.40 per kg in a business turnover of 5,942 lots.

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

Nickel

Nickel prices fell 0.35 per cent to Rs 985.40 per kg in futures trade Tuesday as speculators booked profits amid subdued demand at the spot market.

On the Multi Commodity Exchange, nickel for delivery in July contracts traded lower by Rs 3.50, or 0.35 per cent, to Rs 985.40 per kg in a business turnover of 1,088 lots.

The metal for delivery in August contracts also dipped 0.1 per cent, or Re 1, to trade at Rs 998.80 per kg in a business turnover of 10,318.

Analysts said, low demand from alloy-makers mainly weighed on nickel prices here.

Lead

Lead prices rose 0.06 per cent to Rs 157.25 per kg in futures trade Tuesday due to pick-up in demand from consuming industries at the spot market.

On the Multi Commodity Exchange, lead for delivery in July contracts was trading up by 10 paise, or 0.06 per cent, to Rs 157.25 per kg in a business turnover of 194 lots.

Market analysts said fresh positions created by traders amid upsurge in demand from battery-makers in the spot market mainly led to rise in lead prices here.

However, lead contracts for August delivery traded down by 35 paise, or 0.22 per cent, to Rs 155.70 per kg in a business turnover of 1,966 lots.

Zinc

Zinc futures traded marginally lower at Rs 190.85 per kg on Tuesday as speculators reduced exposure amid subdued demand at the spot market.

Zinc contracts for July delivery fell by 25 paise, or 0.13 per cent, to Rs 190.85 per kg at the Multi Commodity Exchange, clocking a business turnover of 210 lots.

Traders said the weakness in zinc prices at futures trade was mostly due to cutting down of bets by speculators in tandem with a weak trend at the spot market.

However, zinc to be delivered in August traded up by 10 paise, or 0.05 per cent, to Rs 194.45 per kg in a business turnover of 2,929 lots.

Aluminium

Aluminium prices edged up by 0.25 per cent to Rs 138.85 per kg in futures trade Tuesday after speculators built up fresh positions amid an uptick in demand at the spot market.

On the Multi Commodity Exchange (MCX), aluminium contracts for July delivery rose by 35 paise, or 0.25 per cent, to Rs 138.85 per kg in a business turnover of 486 lots.

Similarly, the metal contracts for August delivery traded up by 5 paise, or 0.04 per cent, to Rs 141.60 per kg in a business turnover of 2,248 lots.

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

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