Base metals: Copper, nickel futures fall on weak demand

Zinc prices on Thursday rose by Rs 2.20 to Rs 184.10 per kg in futures trade, tracking a firm trend in physical markets on the back of pick-up in spot demand.

On the Multi Commodity Exchange, zinc contracts for July delivery traded higher by Rs 2.20, or 1.21 per cent, at Rs 184.10 per kg with a business turnover of 126 lots.

Marketmen said widening of positions by participants following pick-up in demand from consuming industries kept zinc prices higher in futures trade.


Copper
Copper prices on Thursday slipped by Rs 2.45 to Rs 507.20 per kg as participants cut down their positions amid muted demand in domestic market.

On the Multi Commodity Exchange, copper for August delivery eased by Rs 2.45, or 0.48 per cent, to Rs 507.20 per kg in a business turnover of 3,903 lots.

Analysts said trimming of positions by speculators due to muted demand in spot market mainly led to the fall in copper prices here.

Nickel
Nickel prices on Thursday fell by 0.18 per cent to Rs 1,050.30 per kg in futures trade after participants offloaded their positions amid weak demand in spot market.

On the Multi Commodity Exchange, nickel contracts for August delivery traded down by Rs 1.90, or 0.18 per cent, to Rs 1,050.30 per kg with a business turnover of 1,750 lots.

Analysts said subdued demand in spot market mainly led to the fall in nickel futures prices.