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Base Metals: Zinc, copper fall in futures trade amid low demand

Copper futures on Wednesday traded 0.42 per cent lower in futures trade.

PTI|
Last Updated: Jan 15, 2020, 03.38 PM IST
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Zinc prices on Wednesday fell by 75 paise to Rs 183.90 per kg in futures trade.
Zinc prices on Wednesday fell by 75 paise to Rs 183.90 per kg in futures trade as speculators cut bets amid easing demand at spot market.

On the Multi Commodity Exchange, zinc contracts for May delivery moved down by 75 paise, or 0.41 per cent, to Rs 183.90 per kg in a business turnover of 4 lots.

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

Copper
Copper futures on Wednesday traded 0.42 per cent lower at Rs 451.95 per kg as speculators reduced their exposure on weak spot demand.

On the Multi Commodity Exchange, copper contracts for January delivery fell by Rs 1.90, or 0.42 per cent, to Rs 451.95 per kg in a business turnover of 2,381 lots.

Similarly, copper contracts for February delivery traded lower by Rs 1.35, or 0.30 per cent, at Rs 452.80 per kg in a business turnover of 121 lots.

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

Nickel
Nickel prices on Wednesday edged up 20 paise to Rs 1,018.50 per kg in futures trade as speculators built positions owing to rising demand from alloy-makers in domestic market.

On the Multi Commodity Exchange, nickel contracts for January delivery gained 20 paise, or 0.02 per cent, to Rs 1,018.50 per kg in a business turnover of 4,362 lots.

The metal for delivery in February gained 30 paise, or 0.03 per cent, to Rs 1,010.80 per kg in a business turnover of 88 lots.

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

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