Base Metals: Nickel, lead, aluminium drift down in futures trade amid sluggish demand

Nickel futures on Friday declined by Rs 4.10 at Rs 1,117.10 per kg due to reducing of positions by speculators amid sluggish demand at the spot market.

On the Multi Commodity Exchange, nickel contracts for November delivery fell by Rs 4.10, or 0.37 per cent, at Rs 1,117.10 per kg with a business turnover of 6,564 lots.

Similarly, nickel contracts for December delivery fell by Rs 5, or 0.45 per cent, to Rs 1,108.20 per kg in 89 lots.


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

Lead
Lead prices on Friday drifted lower 0.23 per cent to Rs 154.65 per kg in futures market as speculators cut bets on low demand.

On the Multi Commodity Exchange, lead for delivery in November fell by 35 paise, or 0.23 per cent, to Rs 154.65 per kg in 384 lots.

Likewise, the metal for delivery in December shed 10 paise, or 0.06 per cent, to Rs 155.40 per kg in 5 lots.

Analysts said off-loading of positions by participants owing to slackened demand from consuming industries in the physical market mainly influenced lead prices at futures trade.

Aluminium
Aluminium prices on Friday fell 50 paise to Rs 131.15 per kg in futures trade as participants trimmed positions tracking a weak trend at spot market on sluggish demand.

At the Multi Commodity Exchange, aluminium for November delivery eased by 50 paise, or 0.38 per cent, to Rs 131.15 per kg in a business turnover of 863 lots.

Similarly, the metal for December delivery weakened by 60 paise, or 0.45 per cent, to Rs 133.05 per kg in 81 lots.

Analysts attributed the weakness in aluminium prices to slackened demand from consuming industries at the spot market.

Zinc
Zinc prices on Friday rose 0.23 per cent to Rs 193.45 per kg in futures trade, tracking a firm trend in physical market on the back of uptick in demand.

On the Multi Commodity Exchange, zinc for November contracts was trading higher by 45 paise, or 0.23 per cent, at Rs 193.45 per kg with a business turnover of 1,829 lots.

Marketmen said zinc prices rose as participants raised bets following a pickup in demand from consuming industries.

Copper
Copper prices on Friday traded up by Rs 1.35 at Rs 438.85 per kg in futures trade on pick-up in spot demand.

On the Multi Commodity Exchange, copper contracts for November delivery traded higher by Rs 1.35, or 0.31 per cent, to Rs 438.85 per kg in a business turnover of 2,230 lots.

Similarly, the metal for delivery in December edged up by Rs 1.25, or 0.28 per cent, to Rs 443.80 per kg in 78 lots.

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