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Base Metals: Nickel, copper, zinc futures fall on low demand

On MCX, zinc for delivery in August declined 30 paise to Rs 189.40 per kg.

PTI|
Aug 02, 2019, 01.38 PM IST
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Marketmen said weakness in metals in domestic spot market owing to slackened demand from consuming industries influenced the prices.

Commodity Summary
MCX

NICKEL
COPPER
ZINC
New Delhi: Nickel prices drifted lower by 0.39 per cent to Rs 1,015.30 per kg in futures trade Friday as speculators trimmed positions amid muted spot demand.

On Multi Commodity Exchange, nickel contracts for August delivery declined by Rs 4, or 0.39 per cent, to Rs 1,015.30 per kg in a business turnover of 12,378 lots.

Analysts said apart from low demand from alloy-makers, profit-booking by speculators weighed on nickel futures.

Similarly, the metal for delivery in September contracts traded lower by Rs 2.80, or 0.27 per cent, to Rs 1,021 per kg in 827 lots.

Copper

Copper futures traded 0.14 per cent lower on Friday 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 60 paise, or 0.14 per cent, to Rs 439.40 per kg with a business turnover of 5,553 lots.

Copper contracts for September delivery traded lower by Rs 1.35, or 0.31 per cent, to Rs 440.30 per kg in a business turnover of 224 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.

Zinc

Zinc prices eased 0.16 per cent to Rs 189.40 per kg in futures trade Friday as speculators cut down positions taking weak cues from the spot market.

On Multi Commodity Exchange, zinc for delivery in August declined 30 paise, or 0.16 per cent, to Rs 189.40 per kg in a business turnover of 3,800 lots.

Marketmen said weakness in metals in domestic spot market owing to slackened demand from consuming industries influenced the prices.

Lead

Lead prices fell 0.13 per cent to Rs 151.95 per kg in futures trade Friday after participants booked profits amid subdued demand at the spot market.

On the Multi commodity Exchange, lead for delivery in current month was trading down by 20 paise, or 0.13 per cent, to Rs 151.95 per kg in a business turnover of 1,797 lots.

Lead for delivery in September was trading down by 35 paise, or 0.23 per cent, to Rs 152.50 per kg in a business turnover of 48 lots.

Analysts attributed the fall in lead prices to profit-taking by players at current levels coupled with muted demand at the spot market.

Aluminium

Aluminium prices inched up by 0.54 per cent to Rs 139.70 per kg in futures trade Friday as speculators created fresh positions amid rising spot demand.

On the Multi Commodity Exchange, aluminium contracts for August delivery edged up by 75 paise, or 0.54 per cent, to Rs 139.70 per kg in 2,663 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.

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