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    Base metals: Nickel, copper futures rise on spot demand

    Synopsis

    Copper prices on Wednesday inched 0.13 per cent higher to Rs 423.35 per kg in futures market.

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    On the Multi Commodity Exchange, nickel contracts for June delivery gained Re 1, or 0.1 per cent, to Rs 964.40 per kg in a business turnover of 1,897 lots.

    Commodity Summary

    MCX
    New Delhi: Nickel prices on Wednesday rose 0.1 per cent to Rs 964.40 per kg in futures trade as speculators built positions on rising demand from alloy makers in the spot market.

    On the Multi Commodity Exchange, nickel contracts for June delivery gained Re 1, or 0.1 per cent, to Rs 964.40 per kg in a business turnover of 1,897 lots.

    However, the metal for July delivery traded lower by 40 paise, or 0.04 per cent, at Rs 965 per kg in a business turnover of 176 lots.

    Rising demand in spot market from alloy makers mainly supported the price rise in nickel futures, analysts said.

    Copper
    Copper prices on Wednesday inched 0.13 per cent higher to Rs 423.35 per kg in futures market on the back of pick-up in spot demand.

    On the Multi Commodity Exchange, copper contracts for delivery in June traded higher by 55 paise, or 0.13 per cent, at Rs 423.35 per kg in a business turnover of 3,513 lots.

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

    Zinc
    Zinc prices on Wednesday fell 0.22 per cent to Rs 159.60 per kg in futures trade as speculators reduced their exposure taking negative cues from spot market.

    On the Multi Commodity Exchange, zinc for delivery in June was trading lower by 35 paise, or 0.22 per cent, at Rs 159.60 per kg in 2,269 lots.

    Analysts said offloading of positions by participants owing to slackened demand from consuming industries in physical market mainly weighed on zinc prices here.

    Aluminium
    Aluminium prices on Wednesday edged up 0.38 per cent to Rs 133.20 per kg in futures market after speculators built up fresh positions amid positive trend in the spot market.

    On the Multi Commodity Exchange, aluminium for delivery in June contracts gained 50 paise, or 0.38 per cent, to Rs 133.20 per kg in a business turnover of 976 lots.

    Analysts said fresh positions created by traders after positive demand from consuming industries mainly led to rise in aluminium prices.
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