Base Metals: Zinc, lead futures up on spot demand

New Delhi: Nickel prices eased 0.49 per cent to Rs 1,153.70 per kg in futures trade Thursday as speculators trimmed their positions amid low demand at the spot market.

On the Multi Commodity Exchange, nickel contracts for September delivery declined by Rs 5.70, or 0.49 per cent, to Rs 1,153.70 per kg in a business turnover of 14,576 lots.

Analysts said profit-booking by speculators amid low demand from alloy-makers mainly weighed on nickel futures here.


Zinc

Zinc prices rose 0.38 per cent to Rs 185.05 per kg in futures trade on Thursday as speculators built up fresh positions, taking positive cues from the spot market.

On the Multi Commodity Exchange (MCX), zinc contracts for September delivery traded higher by 70 paise, or 0.38 per cent, at Rs 185.05 per kg in a business turnover of 3,170 lots.

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

Lead

Lead prices were trading 0.13 per cent higher at Rs 154.25 per kg in futures trade on Thursday as participants built up fresh positions driven by pick up in demand at the spot market.

On the Multi Commodity Exchange, lead contracts for September delivery edged higher by 20 paise, or 0.13 per cent, to Rs 154.25 per kg in a business volume of 1,824 lots.

Market analysts said fresh positions created by traders due to upsurge in demand from battery makers in the physical market, mainly led to the rise in lead prices.