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

Zinc futures on Tuesday traded 0.37 per cent lower at Rs 190.80 per kg as speculators reduced exposure in spot market.

On the Multi Commodity exchange, zinc contracts for November slipped 0.37 per cent, or 70 paise, to Rs 190.80 per kg in a business turnover of 1,733 lots.

For December contracts, zinc futures declined 25 paise, or 0.13 per cent, to Rs 190.95 per kg in a turnover of 197 lots.

Cutting down of bets by speculators mainly led to fall in zinc prices, traders said.

Nickel
Nickel futures on Tuesday declined by Rs 4.50 at Rs 1,094 per kg due to reducing of positions by speculators amid sluggish demand at the spot market.

On the Multi Commodity Exchange, nickel contracts for November delivery fell by Rs 4.50, or 0.41 per cent, at Rs 1,094 per kg with a business turnover of 5,006 lots.

Similarly, nickel contracts for December delivery fell by Rs 3.40, or 0.31 per cent, to Rs 1,088 per kg in 128 lots.

Analysts said subdued demand at the spot market mainly led to fall in nickel futures prices here.

Aluminium
Aluminium prices on Tuesday fell 15 paise to Rs 131.10 per kg in futures market as participants trimmed their positions amid a weak trend in spot market.

On the Multi Commodity Exchange, aluminium for delivery in November declined by 15 paise, or 0.11 per cent, to Rs 131.10 per kg in 630 lots.

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

Lead
Lead prices on Tuesday drifted 0.13 per cent lower to Rs 153.90 per kg in futures market as speculators cut bets on low demand.

On the Multi Commodity Exchange, lead for delivery in November fell by 20 paise, or 0.13 per cent, to Rs 153.90 per kg in 744 lots.

Likewise, the metal for delivery in December shed 20 paise, or 0.13 per cent, to Rs 154.30 per kg in 27 lots.

Analysts said off-loading of positions by participants owing to slackened demand from consuming industries in physical market mainly influenced lead prices in futures trade.

Copper
Copper prices on Tuesday traded up by 25 paise at Rs 436.60 per kg in futures trade on pick-up in spot demand.

On the Multi Commodity Exchange, copper contracts for November delivery traded higher by 25 paise, or 0.06 per cent, to Rs 436.60 per kg in a business turnover of 1,690 lots.

Similarly, the metal for delivery in December edged up by 20 paise, or 0.05 per cent, to Rs 441.60 per kg in 97 lots.

Analysts attributed the rise in copper prices to raising of bets by participants, driven by a pick-up in demand in spot market.
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