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Base Metals: Copper, zinc, aluminium futures fall on low demand

The metal fell 0.58 per cent to $259.15 on the COMEX.

PTI|
Updated: Sep 23, 2019, 02.24 PM IST
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Copper futures fell 0.50 per cent to Rs 441.20 per kg in futures trade on Monday as speculators trimmed positions in tandem with a weak trend overseas.

On the Multi Commodity Exchange, copper for September delivery declined by Rs 2.20, or 0.50 per cent, to Rs 441.20 per kg in a business turnover of 4,902 lots.

The metal fell 0.58 per cent to $259.15 on the COMEX.

Traders said offloading of positions by speculators amid weak global cues led to the fall in copper prices here.

NICKEL
Nickel prices went up 0.7 per cent to Rs 1,273.30 per kg in futures trade on Monday as speculators raised their bets on spot demand.

On the Multi Commodity Exchange, nickel for delivery in September gained Rs 8.80, or 0.7 per cent, to Rs 1,273.30 per kg in a business turnover of 9,143 lots.

Increase in domestic demand from alloy-makers and firmness in base metals at the spot market mainly influenced nickel prices here, analysts said.

ZINC
Zinc futures traded marginally lower at Rs 182.55 per kg on Monday as speculators reduced exposure amid subdued demand at the spot market.

Zinc contracts for September delivery fell by 55 paise, or 0.3 per cent, to Rs 182.55 per kg at the Multi Commodity Exchange, clocking a business turnover of 3,229 lots.

On similar lines, zinc contracts to be delivered in October traded lower by 40 paise, or 0.22 per cent, to Rs 184.90 per kg in a business turnover of 413 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.

Aluminium
Aluminium prices softened 0.25 per cent to Rs 138.40 per kg in futures trade on Monday as speculators cut bets amid subdued demand at the spot market.

On Multi Commodity Exchange, aluminium for September delivery fell by 35 paisa, or 0.25 per cent, to Rs 138.40 per kg in a business turnover of 609 lots.

Analysts said offloading of positions by participants due to slackened demand from consuming industries at spot market mainly weighed on aluminium prices here.

Lead
Lead prices fell 0.29 per cent to Rs 154.90 per kg in futures trade on Monday after participants booked profits amid subdued demand at the spot market.

On the Multi Commodity Exchange (MCX), lead contracts for September delivery traded down by 45 paise, or 0.29 per cent, to Rs 154.90 per kg in a business turnover of 1,624 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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