Base Metals: Zinc, nickel, copper futures up on spot demand

New Delhi: Zinc prices rose 0.18 per cent to Rs 194.45 per kg in futures trade Tuesday as speculators built up fresh positions, taking positive cues from the spot market.

On the Multi Commodity Exchange (MCX), zinc contracts for July delivery traded higher by 35 paise, or 0.18 per cent, at Rs 194.45 per kg in a business turnover of 5,198 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.


Nickel

Nickel prices went up 1.21 per cent to Rs 957.30 per kg in futures trade Tuesday as speculators raised their bets amid a firm trend overseas and higher spot demand.

On the Multi Commodity Exchange (MCX), nickel contracts for July delivery gained Rs 11.40, or 1.21 per cent, to Rs 957.30 per kg in a business turnover of 15,092 lots.

Increase in domestic demand from alloy-makers and firmness in base metals overseas influenced nickel prices at futures trade here, analysts said.

Copper

Copper prices rose 0.19 per cent to Rs 446.30 per kg in futures trade Tuesday amid pick-up in demand at the spot market.

On the Multi Commodity Exchange (MCX), copper contracts for July delivery traded higher by 85 paise, or 0.19 per cent, to Rs 446.30 per kg in a business turnover of 6,286 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 spot market.

Lead

Lead prices fell 0.13 per cent to Rs 155.80 per kg in futures trade Tuesday after participants booked profits amid subdued demand at the spot market.

On the Multi Commodity Exchange (MCX), lead contracts for July delivery traded down by 20 paise, or 0.13 per cent, to Rs 155.80 per kg in a business turnover of 2,606 lots.

Analysts attributed the fall in lead prices to profit-taking by players at current levels, coupled with muted demand at the spot market.