Base Metals: Copper, lead, nickel futures ease on profit-booking
Copper contracts for September delivery fell by Rs 1.30 to Rs 443.80 per kg.
On the Multi Commodity Exchange, copper for delivery in August contracts fell by Rs 1.40, or 0.31 per cent, to Rs 444.50 per kg with a business turnover of 2,318 lots.
Copper contracts for September delivery fell by Rs 1.30, or 0.29 per cent, to Rs 443.80 per kg in a business turnover of 107 lots.
Traders said, the fall in copper prices at futures trade was mostly due to profit-booking by speculators amid subdued demand at spot market.
Lead prices were trading lower at Rs 154.50 per kg in futures trade on Thursday after participants booked profits amid subdued demand at the spot market.
On the Multi commodity Exchange, lead for most-traded August delivery traded lower by 60 paise, or 0.39 per cent, at Rs 154.50 per kg in a business turnover of 1,104 lots.
Analysts attributed the fall in lead prices to profit-booking by players at current levels coupled with low demand at the spot market.
Besides, lead contracts for September delivery edged lower by 55 paise, or 0.35 per cent, to Rs 155 per kg in a business turnover of 61 lots.
Nickel prices eased 0.52 per cent to Rs 1,113.40 per kg in futures trade Thursday as speculators trimmed their positions amid low demand at the spot market.
On the Multi Commodity Exchange, nickel for delivery in August declined by Rs 5.80, or 0.52 per cent, to Rs 1,113.40 per kg in a business turnover of 8,201 lots.
Likewise, the metal for delivery in September contracts traded lower by Rs 5.70, or 0.51 per cent, to Rs 1,116.60 per kg in 544 lots.
Analysts said profit-booking by speculators amid low demand from alloy-makers mainly weighed on nickel futures here.
Zinc futures traded 0.43 per cent lower at Rs 185.05 per kg on Thursday as speculators trimmed positions amid subdued demand at the spot market.
On Multi Commodity Exchange, zinc contracts for July delivery fell by 80 paisa, or 0.43 per cent, to Rs 185.05 per kg clocking a business turnover of 3,652 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.