Base metals: Copper, nickle rise on increased demand

Copper futures rose 0.26 per cent to Rs 36.40 per kg today as participants widened their bets, taking positive cues from the spot market on pick-up in demand.

At Multi Commodity Exchange, copper for delivery in the current month contract was trading higher by 95 paise, or 0.26 per cent, to Rs 36.40 per kg with a turnover of 309 lots.

The metal for delivery in far-month August contract was up by 70 paise, or 0.19 per cent, to Rs 370.30 per kg with a trade volume of 25 lots.

Market analysts attributed the rise in copper futures trade to widening of positions, triggered by a firm trend at the physical market.

Nickel
Nickel prices went up by 0.17 per cent to Rs 581.40 per kg in futures trade today as speculators raised their bets, driven by a firming trend at the domestic spot market on pick-up in demand.

In futures trading at Multi Commodity Exchange, nickel for delivery in July was trading higher by Re 1, or 0.17 per cent, to Rs 581.40 per kg, in a business turnover of 13 lots.

The metal for delivery in the current month rose by 80 paise, or 0.14 per cent, to Rs 575.50 per kg in 423 lots.

Analysts said a firming trend in base metals at the physical markets on the back of increased demand from alloy- makers helped nickel trade higher.