Base metals: Copper, nickel rise on spot demand

Copper futures traded 0.56 per cent higher at Rs 439.25 per kg today as speculators raised their bets amid rising spot demand.

In futures trade, copper for delivery in current month rose by Rs 2.45, or 0.56 per cent, at Rs 439.25 per kg in a business turnover of 1,422 lots at Multi Commodity Exchange.

Similarly, the metal for delivery in far-month June edged up by Rs 2.25, or 0.51 per cent, at Rs 443.60 per kg in 31 lots.

Market analysts said raising of bets by participants following rising demand at the domestic spot markets, influenced copper futures here.

Nickel
Supported by rising demand from alloy-makers in domestic spot markets, nickel prices moved up by 0.85 per cent to Rs 876.30 per kg in futures trade today.

In futures trading, nickel for delivery in April moved up by Rs 7.40 or 0.85 per cent to Rs 876.30 per kg, in a business turnover of 1,525 lots at the Multi Commodity Exchange.

Similarly, the metal for delivery in May too traded higher by Rs 6.90 or 0.79 per cent to Rs 880.10 per kg in 21 lots.

Market analysts attributed the rise in nickel prices at futures trade to enlarging of positions by speculators, driven by rising demand from alloy-makers in the spot market.