Base Metals: Nickel, copper, lead futures fall on low demand, profit booking
Copper contracts for September delivery fell by similar margins to Rs 443.85 per kg.
On the Multi Commodity Exchange, nickel for delivery in August declined by Rs 11.90, or 1.17 per cent, to Rs 1,001.60 per kg in a business turnover of 12,226 lots.
Likewise, the metal for delivery in September contracts traded lower by Rs 10.70, or 1.05 per cent, to Rs 1,008.80 per kg in 544 lots.
Analysts said, profit-booking by speculators amid low demand from alloy-makers mainly weighed on nickel futures here.
Copper futures traded 0.26 per cent lower on Thursday as speculators cut down their positions at prevailing levels to book profits amid muted spot demand.
On the Multi Commodity Exchange, copper for delivery in August contracts fell by Rs 1.15, or 0.26 per cent, to Rs 443 per kg with a business turnover of 5,783 lots.
Copper contracts for September delivery fell by similar margins to Rs 443.85 per kg in a business turnover of 208 lots.
Traders said, the fall in copper prices at futures trade was mostly due to profit-booking by speculators and subdued demand at spot market.
Lead prices fell 1.17 per cent to Rs 152.25 per kg in futures trade Thursday after participants booked profits amid subdued demand at the spot market.
On Multi Commodity Exchange, lead contracts for August delivery traded down by Rs 1.80, or 1.17 per cent, to Rs 152.25 per kg in a business turnover of 1,743 lots.
Similarly, lead contracts for September delivery traded down by Rs 1.65, or 1.07 per cent, to Rs 152.70 per kg in a business turnover of 44 lots.
Analysts attributed the fall in lead prices to profit-booking by players at current levels coupled with low demand at the spot market.