Base Metals: Copper, nickel, zinc futures up on spot demand

New Delhi: Copper prices on Friday rose 0.30 per cent to Rs 446.25 per kg in futures trade on firm global cues.

At the Multi Commodity Exchange, copper for August delivery traded higher by Rs 1.35, or 0.30 per cent, at Rs 446.25 per kg with a traded volume of 4,025 lots.

Copper for September delivery rose Rs 2.15, or 0.48 per cent, to Rs 446.50 per kg in a business turnover of 985 lots.


Analysts said copper futures firmed up on global cues.

Nickel

Nickel prices went up by 0.3 per cent to Rs 1,120.90 per kg in futures trade on Friday as speculators raised their bets on spot demand.

On the Multi Commodity Exchange, nickel for delivery in August contracts gained Rs 3.40, or 0.3 per cent, to Rs 1,120.90 per kg in a business turnover of 11,475 lots.

Increase in domestic demand from alloy-makers and firmness in base metals at the spot market mainly influenced nickel prices here, analysts said.

Zinc

Zinc prices rose 0.33 per cent to Rs 185 per kg in futures trade on Friday as speculators built up fresh positions, taking positive cues from the spot market.

On the Multi Commodity Exchange, zinc for delivery in August traded 60 paise, or 0.33 per cent, higher at Rs 185 per kg in a business turnover of 2,950 lots.

Marketmen said fresh positions built up by participants due to pick-up in spot demand led to rise in zinc futures.

Lead

Lead prices were trading higher by 0.13 per cent to Rs 155.25 per kg in futures trade on Friday as participants built up fresh positions driven by pick-up in demand at the spot market.

On the Multi Commodity Exchange, lead for delivery in August contracts edged higher by 20 paise, or 0.13 per cent, to Rs 155.25 per kg in a business volume of 1,131 lots.

Market analysts said fresh positions created by traders due to upsurge in demand by battery-makers in the physical market mainly helped lead prices to trade higher.