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    Base Metals: Zinc, copper, nickel futures soften on tepid demand

    Synopsis

    Lead for delivery in June contracts was trading lower by 20 paise to Rs 155.30 per kg.

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

    Commodity Summary

    MCX
    New Delhi: Zinc prices eased 0.05 per cent to Rs 199.80 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 July contracts declined by 10 paisa, or 0.05 per cent, to Rs 199.80 per kg in a business turnover of 4,779 lots.

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

    Copper

    Copper prices Friday moved down by 0.56 per cent to Rs 411.85 per kg as speculators cut down their holdings amid a weak trend in base metals at the domestic market.

    On the Multi Commodity Exchange, copper to be delivered in June contracts eased by Rs 2.30, or 0.56 per cent, to Rs 411.85 per kg in a business turnover of 9,607 lots.

    Analysts said subdued demand at domestic physical market led to the fall in copper prices here.

    Nickel

    Nickel prices fell 0.94 per cent to Rs 903.30 per kg Friday as traders trimmed their holdings amid easing demand at the spot market.

    At the Multi Commodity Exchange, the July contract of nickel was trading lower by Rs 8.60, or 0.94 per cent, to Rs 903.30 per kg in a business volume of 8,918 lots.

    Marketmen said offloading of positions by participants due to slackened demand from alloy makers at the spot market weighed on nickel futures here.

    Lead

    Lead prices eased 0.48 per cent to Rs 155.05 per kg in futures trade Friday as investors trimmed their holdings amid subdued demand at the spot market.

    On the Multi Commodity Exchange, lead for delivery in June contracts was trading lower by 20 paise, or 0.48 per cent, to Rs 155.30 per kg in a business turnover of 58 lots.

    Similarly, the metal for delivery in July contracts shed 35 paise, or 0.26 per cent, to Rs 135.10 per kg in a business turnover of 773 lots.

    Marketmen said, a weak trend in base metals at the domestic spot market due to slackened demand from battery-makers mainly exerted pressure on lead futures here.
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