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Base Metals: Lead, zinc edge up in futures trade amid strong demand

Lead prices traded higher by 60 paise to Rs 155.95 per kg in futures trade on Tuesday.

PTI|
Updated: Oct 15, 2019, 01.51 PM IST
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Similarly, copper contracts for November delivery traded lower by Rs 1.55, or 0.35 per cent, at Rs 447.50 per kg in a business turnover of 132 lots.

Commodity Summary
MCX

NICKEL
Lead prices traded higher by 60 paise to Rs 155.95 per kg in futures trade on Tuesday 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 October edged higher by 60 paise, or 0.39 per cent, to Rs 155.95 per kg in a business volume of 1,871 lots.

Lead contracts for November delivery traded up by 10 paise, or 0.06 per cent, to Rs 156.05 per kg in a business turnover of 4 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.

Zinc
Zinc prices edged up by 40 paise to Rs 187.40 per kg in futures market on Tuesday as traders built up fresh positions on spot demand.

On the Multi Commodity Exchange, zinc for delivery in October traded higher by 40 paise, or 0.21 per cent, to Rs 187.40 per kg in a business turnover of 2,789 lots.

The metal for delivery in November edged up by 75 paise, or 0.40 per cent, to Rs 189.90 per kg in 91 lots.

Marketmen said building up of fresh positions by participants following improved demand at the domestic spot market mainly influenced prices here.

Nickel
Nickel prices drifted lower by Rs 13.70 to Rs 1,230.60 per kg in futures trade on Tuesday as speculators trimmed their positions on weak demand.

At the Multi Commodity Exchange, Nickel for delivery in October declined by Rs 13.70, or 1.1 per cent, to Rs 1,230.60 per kg in a business turnover of 13,236 lots.

Similarly, the metal for delivery in November slumped by Rs 15.60, or 1.26 per cent, to Rs 1,223.80 per kg in 766 lots.

Muted demand from alloy makers in spot markets mainly weighed on nickel future prices, analysts said.

Copper

Copper traded 0.21 per cent lower at Rs 443.45 per kg in futures trade on Tuesday as speculators reduced their exposure amid weak demand.

On the Multi Commodity Exchange, copper contracts for October delivery fell by 95 paise, or 0.21 per cent, to Rs 443.45 per kg in a business turnover of 2,729 lots.

Similarly, copper contracts for November delivery traded lower by Rs 1.55, or 0.35 per cent, at Rs 447.50 per kg in a business turnover of 132 lots.

Globally, copper for three-month delivery traded higher by 0.38 per cent at $5,818 per tonne on the London Metal Exchange.

Aluminium
Aluminium prices eased by 10 paise to Rs 133.75 per kg on Tuesday as participants were engaged in reducing their positions, tracking a weak trend at the spot market.

At the Multi Commodity Exchange, aluminium for delivery in October declined by 10 paise, or 0.07 per cent, to Rs 133.75 per kg in a business turnover of 411 lots.

Similarly, the metal for delivery in November weakened by 15 paise, or 0.11 per cent, to Rs 135.95 per kg in 48 lots.

Analysts said cutting down of positions by participants on the back of easing demand from consuming industries in the physical market mainly kept aluminium prices lower here.

Also Read

Will nickel continue to outperform other base metals?

Base Metals: Aluminium, lead, zinc rise in futures amid strong demand

Commodity outlook: Base metals gain; here's how others may trade

Base metals’ prices may remain weak on trade tensions

Base metals: Nickel, lead futures slide on soft demand

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