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

New Delhi: Copper prices rose 0.74 per cent to Rs 405.90 per kg in futures trade Monday after participants raised their positions amid pick-up in demand at the spot market.

On the Multi commodity Exchange, copper for delivery in June contracts was trading higher by Rs 3, or 0.74 per cent, to Rs 405.90 per kg in a business turnover of 29,942 lots.

Analysts attributed the rise in copper prices at futures trade to raising of bets by participants, driven by a pick-up in demand at the domestic spot market.


Zinc

Zinc futures Monday edged 0.31 per cent higher to Rs 204.10 per kg as speculators created positions, triggered by a firm trend at the spot market.

On the Multi commodity Exchange, zinc for delivery in current month moved up by 80 paise, or 0.31 per cent, to Rs 204.10 per kg in a business turnover of 4,596 lots.

Marketmen said building up of fresh positions by participants following improved demand in the domestic spot market mainly influenced zinc prices in futures trade.

Nickel

Nickel futures traded 0.84 per cent higher to Rs 854.70 per kg on Monday after traders raised positions amid pick-up in spot demand.

On the Multi Commodity Exchange, nickel for delivery in June contracts rose Rs 7.10, or 0.84 per cent, to Rs 854.70 per kg in a business turnover of 6,680 lots.

Market analysts attributed the rise in nickel futures to widening of positions built up by participants following rising demand from alloy-makers in the physical market.

Lead

Lead prices rose 1.69 per cent to Rs 153.05 per kg in futures trade Monday as participants built up fresh positions, driven by pick-up in demand at the spot market.

At the Multi Commodity Exchange, lead for delivery in June contracts edged higher by Rs 2.55, or 1.69 per cent, to Rs 153.05 per kg in a business volume of 3,080 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.