Base Metals: Zinc, copper, nickel futures soften on muted demand
On the MCX, copper for delivery in July contracts fell by Rs 2.05 to Rs 437.60 per kg.
Zinc contracts for July delivery fell by 20 paise, or 0.01 per cent, to Rs 194.55 per kg at the Multi Commodity Exchange, clocking a business turnover of 5,488 lots.
Traders said the weakness in zinc prices at futures trade was mostly due to cutting down of bets by speculators in tandem with a weak trend at the spot market.
Copper futures traded 0.47 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 July contracts fell by Rs 2.05, or 0.47 per cent, to Rs 437.60 per kg with a business turnover of 5,142 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.
Nickel prices fell by 0.42 per cent to Rs 876.40 per kg in futures trade Friday as traders cut bets tracking a weak trend at the spot market.
On the Multi Commodity Exchange, nickel for delivery in current month declined by Rs 3.70, or 0.42 per cent, to Rs 876.40 per kg in a business turnover of 8,494 lots.
Market analysts said the fall in nickel prices was mostly in sync with a weak trend at the spot market on muted demand from the alloy-makers.
Aluminium prices softened 0.28 per cent to Rs 141.95 per kg in futures trade Friday as speculators cut bets amid subdued demand at the domestic spot market.
On the Multi Commodity Exchange, aluminium contracts for July delivery eased by 40 paise, or 0.28 per cent, to Rs 141.95 per kg in a business turnover of 2,788 lots.
Similarly, aluminium contracts for August delivery were trading lower by 55 paise, or 0.38 per cent, at Rs 143.65 per kg in 562 lots.
Analysts said offloading of positions by participants due to weak demand from consuming industries in the physical market mainly weighed on aluminium prices.