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Base Metals: Copper, nickel, lead futures soften on weak global cues

On the MCX, copper for delivery in July contracts declined by Rs 1.05 to Rs 441.70 per kg.

PTI|
Jul 02, 2019, 02.22 PM IST
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Traders said, off-loading of positions by speculators amid weak global cues led to fall in copper prices at futures trade.

Commodity Summary
MCX

NICKEL
COPPER
New Delhi: Copper futures fell 0.24 per cent to Rs 441.70 per kg in futures trade Tuesday after speculators trimmed positions in tandem with a weak trend overseas.

On the Multi Commodity Exchange, copper for delivery in July contracts declined by Rs 1.05, or 0.24 per cent, to Rs 441.70 per kg in a business turnover of 25,090 lots.

The metal recorded a slide of 0.22 per cent at USD 268.20 on COMEX.

Traders said, off-loading of positions by speculators amid weak global cues led to fall in copper prices at futures trade.

Nickel

Nickel prices eased 1.48 per cent to Rs 869.70 per kg in futures trade Tuesday as speculators trimmed their positions amid low demand at the spot market.

On the Multi Commodity Exchange, nickel for delivery in current month declined by Rs 11, or 1.48 per cent, to Rs 869.70 per kg in a business turnover of 9,334 lots.

Likewise, the metal for delivery in August contracts traded lower by Rs 12.80, or 1.43 per cent, to Rs 880 per kg in 556 lots.

Analysts said, profit-booking by speculators amid low demand from alloy-makers mainly weighed on nickel futures here.

Lead

Lead prices fell 0.58 per cent to Rs 153.10 per kg in futures trade Tuesday after participants booked profits amid subdued demand at the spot market.

On the Multi commodity Exchange, lead for delivery in current month was trading down by 90 paise, or 0.58 per cent, to Rs 153.10 per kg in a business turnover of 2,202 lots.

Analysts attributed the fall in lead prices to profit-taking by players at current levels coupled with muted demand at the spot market.
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