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

Zinc contracts for July delivery fell by 45 paise to Rs 194.45 per kg on the MCX.

PTI|
Jul 17, 2019, 01.16 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 spot market.

Commodity Summary
MCX

NICKEL
ALUMINIUM
COPPER
ZINC
New Delhi: Zinc futures fell 0.23 per cent to Rs 194.45 per kg on Wednesday as speculators reduced exposure amid subdued demand at spot market.

Zinc contracts for July delivery fell by 45 paise, or 0.23 per cent, to Rs 194.45 per kg on the Multi Commodity Exchange, clocking a business turnover of 592 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 spot market.

Similarly, zinc contracts for August delivery traded lower by 0.28 per cent, or 55 paise, to Rs 194.85 per kg in a business turnover of 801 lots.

Nickel

Nickel prices went up 0.93 per cent to Rs 974 per kg in futures trade Wednesday as speculators raised their bets amid a firm trend overseas and higher spot demand.

On the Multi Commodity Exchange, nickel contracts for July delivery gained Rs 9, or 0.93 per cent, to Rs 974 per kg in a business turnover of 13,395 lots.

Increase in domestic demand from alloy-makers and firmness in base metals overseas influenced nickel prices at futures trade here, analysts said.

Copper

Copper prices rose 0.2 per cent to Rs 444.65 per kg in futures trade Wednesday 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 90 paise, or 0.2 per cent, to Rs 444.65 per kg in a business turnover of 5,953 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 spot market.

Aluminium

Aluminium prices gained 0.1 per cent to Rs 145.40 per kg in futures trade Wednesday as speculators extended positions, taking firm cues from spot market.

Analysts said extending of positions by traders, owing to upbeat demand from consuming industries, mainly pushed up aluminium prices here.

On the Multi Commodity Exchange, aluminium contracts for August delivery rose by 45 paise, or 0.1 per cent, to Rs 145.40 per kg in a business turnover of 915 lots.
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