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

On the MCX, copper contracts for July delivery rose by Rs 8.85 to Rs 456.40 per kg.

PTI|
Jul 19, 2019, 02.06 PM IST
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Base Metals: Zinc, copper, nickel futures rise on spot demand
Analysts said pick-up in demand at the spot market mainly led to the rise in copper prices in futures trade here.

Commodity Summary
MCX

NICKEL
ALUMINIUM
COPPER
ZINC
New Delhi: Copper prices edged higher by 0.06 per cent to Rs 456.40 per kg in futures trade Friday as participants raised bets on spot demand.

On the Multi Commodity Exchange, copper contracts for July delivery rose by Rs 8.85, or 0.06 per cent, to Rs 456.40 per kg in a business turnover of 5,617 lots.

Analysts said pick-up in demand at the spot market mainly led to the rise in copper prices in futures trade here.

Zinc

Zinc prices rose 0.81 per cent to Rs 194 per kg in futures trade Friday as speculators built up fresh positions taking positive cues from the spot market.

On the Multi Commodity Exchange, zinc for delivery in July contracts traded Rs 1.55, or 0.81 per cent higher at Rs 194 per kg in a business turnover of 3,642 lots.

Marketmen said fresh positions built up by participants due to pick-up in spot market led to the rise in zinc futures.

Nickel

Nickel prices went up by 0.16 per cent to Rs 1,032.80 per kg in futures trade Friday as speculators raised their bets on spot demand.

On the Multi Commodity Exchange, nickel for delivery in July contracts gained Rs 1.70, or 0.16 per cent, to Rs 1,032.80 per kg in a business turnover of 13,127 lots.

Increase in domestic demand from alloy-makers mainly influenced nickel prices at futures trade here, analysts said.

Lead

Lead prices were trading higher by 0.61 per cent to Rs 157.60 per kg in futures trade Friday as participants built up fresh positions driven by pick-up in demand at the spot market.

On the Multi Commodity Exchange, lead for delivery in August contracts edged higher by 95 paise, or 0.61 per cent, to Rs 157.60 per kg in a business volume of 1,954 lots.

Market analysts said fresh positions created by traders due to upsurge in demand by battery-makers in the physical market mainly helped lead prices to trade higher.

Aluminium

Aluminium prices inched up by 0.14 per cent to Rs 143.90 per kg in futures trade Friday as speculators created fresh positions amid rising spot demand.

On the Multi Commodity Exchange, aluminium contracts for July delivery edged up by 20 paise, or 0.14 per cent, to Rs 143.90 per kg in 1,952 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.

Also Read

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Base Metals: Nickel, aluminium drift lower in futures amid low demand

Commodity outlook: How gold, silver, nickel, crude oil

Base metals: Nickel, lead futures slide on soft demand

Base metals: Nickel, copper, lead futures drop on soft demand

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