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Base Metals: Nickel edges up, copper trades lower in futures trade

Nickel prices on Thursday edged up by Rs 2.20 to Rs 956 per kg in futures trade.

PTI|
Last Updated: Feb 13, 2020, 02.55 PM IST
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Copper futures on Thursday traded 0.43 per cent lower at Rs 433.40 per kg.
Nickel prices on Thursday edged up by Rs 2.20 to Rs 956 per kg in futures trade as speculators built positions on rising demand from alloy-makers in spot market.

On the Multi Commodity Exchange, nickel contracts for February delivery gained Rs 2.20, or 0.23 per cent, to Rs 956 per kg in a business turnover of 4,681 lots.

Similarly, the metal for March delivery traded higher by Re 1, or 0.10 per cent, at Rs 957 per kg in a business turnover of 118 lots.

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

Copper
Copper futures on Thursday traded 0.43 per cent lower at Rs 433.40 per kg as speculators reduced their exposure on weak spot demand.

On the Multi Commodity Exchange, copper contracts for February delivery fell by Rs 1.85, or 0.43 per cent, to Rs 433.40 per kg in a business turnover of 2,473 lots.

Similarly, copper contracts for March delivery traded lower by Rs 2, or 0.46 per cent, at Rs 436 per kg in a business turnover of 56 lots.

Traders said subdued demand in spot market mainly pushed down copper prices here.

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