Base metals: Copper, lead fall on subdued demand

New Delhi: Copper prices drifted lower by 1.26 per cent to Rs 427.95 per kg in futures trade today as speculators reduced positions, amid sluggish demand in the spot market.

At the Multi Commodity Exchange, copper for delivery in April fell by Rs 5.45, or 1.26 per cent, to Rs 427.95 per kg in business turnover of 1,981 lots.

Similarly, the metal for delivery in June contracts was trading lower by Rs 5.10, or 1.16 per cent, to Rs 433.15 per kg in 48 lots.

Analysts said offloading of positions by participants owing to slackened demand in the physical markets led to the decline in copper futures.

Nickel futures:

Nickel prices fell by 0.87 per cent to Rs 836.20 per kg in futures trade today as speculators cut their positions, taking negative cues from spot market on easing demand.

At the Multi Commodity Exchange, nickel for delivery in March declined by Rs 7.30, or 0.87 per cent, to Rs 836.20 per kg in business turnover of 1,156 lots.

Likewise, the metal for delivery in April contracts was trading lower by Rs 7, or 0.83 per cent, to Rs 840.40 per kg in 252 lots.

Market analysts said trimming of positions by participants on the back of low demand from alloy-makers in the physical market weighed on nickel futures.

Lead futures:
Lead prices eased by 0.16 per cent to Rs 153 per kg in futures trade today as participants reduced exposure amid tepid demand from consuming industries in the spot market.

At the Multi Commodity Exchange, lead for delivery in April shed 25 paise, or 0.16 per cent, to Rs 153 per kg in business turnover of 10 lots.

Likewise, the metal for delivery in March contracts was trading lower by 10 paise, or 0.07 per cent, to Rs 152.20 per kg in 344 lots.

Analysts said cutting down of positions by traders due to sluggish demand from battery-makers in the spot market led to the slide in lead prices at futures trade.

Zinc futures:
Zinc prices moved down 0.48 per cent to Rs 208.90 per kg in futures market today as speculators cut bets, taking weak cues from global markets.

Besides, muted demand at domestic spot market too weighed on the prices.

At the Multi Commodity Exchange, zinc for delivery in April fell by Re 1, or 0.48 per cent to Rs 208.90 per kg in a business turnover of 513 lots.

Likewise, the metal for delivery in March contracts shed 80 paise, or 0.38 per cent to Rs 208.45 per kg in 3,952 lots.

Analysts attributed the slide in zinc futures to offloading of positions by participants on weak trend in base metals in the global market as concerns over US-China trade relations continued to batter global stocks and threaten to blunt the demand for metals