Base metals: Lead, copper, nickel plunge

Amid a weak trend in the global market and subdued domestic demand, copper prices fell 1.04 per cent in futures trade today.

At the Multi Commodity Exchange, copper for delivery in June shed Rs 3.75, or 1.04 per cent, to Rs 357.70 per kg in a business turnover of 209 lots.

On similar lines, the metal for delivery in far-month August was down by Rs 3.55, or 0.97 per cent, to Rs 361.30 per kg in 3 lots.

Analysts attributed the fall in copper futures to offloading of positions by participants tracking weak global cues and low demand at the domestic spot markets.

Nickel
Nickel prices softened 1.19 per cent to Rs 582.70 per kg in futures market today as speculators trimmed positions amid a weak trend overseas and low demand from alloy makers at the spot market.

At the Multi Commodity Exchange, nickel for delivery this month traded lower by Rs 7, or 1.19 per cent, to Rs 582.70 per kg, in a turnover of 177 lots.

The metal for delivery in June weakened by Rs 6.30, or 1.06 per cent, to Rs 588.60 per kg in six lots.

Analysts said apart of subdued demand from alloy makers in the domestic spot market and weakness in select base metals in global market, mainly weighed on nickel futures.

Lead
Lead prices slipped 0.93 per cent to Rs 139.15 per kg in futures trade today due to sluggish demand from battery-makers in the spot market amid winding up positions ahead of expiry.

At the Multi Commodity Exchange, lead for delivery in current month fell Rs 1.30, or 0.93 per cent, to Rs 139.15 per kg, in a business turnover of 298 lots.

On similar lines, the metal for delivery in June was also trading Rs 1.20, or 0.85 per cent lower, at Rs 139.50 per kg, in a business turnover of one lot.

According to analysts, low demand from battery-makers in the spot market and offloading of positions kept pressure on lead futures.