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Stock Analysis, IPO, Mutual Funds, Bonds & More

Base Metals: Zinc, nickel, lead fall in futures trade due to subdued demand

On the London Metal Exchange, the metal was quoting lower 0.70 per cent at $253.55 per tonne.

PTI|
Oct 04, 2019, 01.19 PM IST
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BCCL
zinc-bccl
Zinc contracts for November delivery declined by 40 paise, or 0.22 per cent, to Rs 182.25 per kg in 22 lot

Commodity Summary
MCX

NICKEL
Copper futures traded lower 0.84 per cent at Rs 432.40 per kg in futures trade on Friday after speculators reduced their exposure.

On the Multi Commodity Exchange, copper contracts for October delivery fell by Rs 3.65, or 0.84 per cent, to Rs 432.40 per kg in a business turnover of 3,086 lots.

Similarly, the metal contracts for November delivery traded down by Rs 3.85, or 0.87 per cent, at Rs 436.30 per kg in a business turnover of 73 lots.

On the London Metal Exchange, the metal was quoting lower 0.70 per cent at $253.55 per tonne.

Zinc

Zinc futures traded 0.19 per cent lower at Rs 180.20 per kg on Friday as speculators reduced exposure at the spot market even as the metal strengthened overseas.

On the Multi Commodity Exchange, zinc contracts for October slipped 0.19 per cent, or 35 paise, to Rs 180.20 per kg in a business turnover of 3,242 lots.

Zinc contracts for November delivery declined by 40 paise, or 0.22 per cent, to Rs 182.25 per kg in 22 lots.

Globally, on the London Metal Exchange, zinc was quoting higher by 0.28 per cent at $5,662 per tonne.

Nickel

Nickel prices fell by Rs 8 to Rs 1,254.50 per kg in futures trade on Friday as speculators trimmed their positions on weak spot demand.

On the Multi Commodity Exchange, nickel for delivery in October declined by Rs 8, or 0.63 per cent, to Rs 1,254.50 per kg in a business turnover of 12,805 lots.

Similarly, the metal for delivery in November fell by Rs 9.90, or 0.79 per cent, to Rs 1,242.80 per kg in 699 lots.

Muted demand from alloy makers in the spot market mainly weighed on nickel future prices, analysts said.

Lead
Lead futures fell by 50 paise to Rs 155.25 per kg on Friday due to subdued demand at the physical market.

On the Multi Commodity Exchange, lead for October delivery traded lower by 50 paise, or 0.32 per cent, at Rs 155.25 per kg in a business turnover of 1,050 lots.

Similarly, lead contracts for November delivery declined by 30 paise, or 0.19 per cent, to Rs 155.75 per kg in a business turnover of 3 lots.

Analysts said low demand from battery makers in the spot market mainly led to fall in lead prices here.

Also Read

Nickel recovers after heavy selling; copper in doldrums

Base metals: Aluminium, lead, nickel gain on pickup in demand

Commodity outlook: Gold, sliver likely to consolidate; sell nickel

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Base Metals: Aluminium, nickel, copper futures fall on subdued demand

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