Base Metals: Copper, nickel, aluminium futures up on spot demand
On the MCX, copper for August delivery traded higher by Rs 1.80 to Rs 446.55 per kg.
Zinc for August delivery fell by 5 paise, or 0.03 per cent, to Rs 185.20 per kg on the Multi Commodity Exchange, clocking a business turnover of 4,116 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.
Copper prices rose 0.42 per cent to Rs 446.55 per kg in futures trade on Tuesday after participants raised their positions amid pick-up in demand at the spot market.
On the Multi Commodity Exchange, copper for August delivery traded higher by Rs 1.80, or 0.42 per cent, to Rs 446.55 per kg in a business turnover of 3,782 lots.
The metal for September delivery also traded up by Rs 1.40, or 0.31 per cent, to Rs 445.95 per kg in a business turnover of 46 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 prices rose 0.21 per cent in futures trade on Tuesday as speculators raised their bets amid spot demand.
On the Multi Commodity Exchange, nickel for delivery in August gained Rs 2.30, or 0.21 per cent, to Rs 1,124 per kg in a business turnover of 11,114 lots.
Increase in domestic demand from alloy-makers and firmness in base metals at the spot market mainly influenced nickel prices here, analysts said.
Aluminium prices inched up by 0.21 per cent to Rs 140.75 per kg in futures trade on Tuesday as speculators created fresh positions amid rising spot demand.
On the Multi Commodity Exchange, aluminium contracts for August delivery edged up by 30 paise, or 0.21 per cent, to Rs 140.75 per kg in 864 lots.
Analysts said positions built up by participants on the back of rising demand from consuming industries in physical markets led to the rise in aluminium prices.