Base metals: Copper, nickel rise on high demand

Copper futures traded 0.55 per cent higher at Rs 441.55 per kg today as speculators raised their bets amid firming trend overseas and rising spot demand.

In futures trade, copper for delivery in the current month rose by Rs 2.40, or 0.55 per cent, to Rs 441.55 per kg in a business turnover of 1,273 lots at the Multi Commodity Exchange.

Similarly, the metal for delivery in far-month June edged up by Rs 2.25, or 0.51 per cent, to Rs 445.60 per kg in 14 lots.

Market analysts said a better trend in base metal at the London Metal Exchange where it climbed to over one-week high, finding support from stronger-than-expected manufacturing growth in top metals user China and rising demand at the domestic spot markets, influenced copper futures here.

Globally, copper jumped by 1 per cent to USD 6777 per tonne, having peaked at USD 6,802, its highest since March 22.

Nickel
Supported by rising demand from alloy-makers in the domestic spot market and a firming trend in base metals overseas, nickel prices moved up by 0.49 per cent to Rs 883.80 per kg in futures trade today.

Nickel for delivery in April moved up by Rs 4.30, or 0.49 per cent, to Rs 883.80 per kg in a business turnover of 1,250 lots at the Multi Commodity Exchange.

Similarly, the metal for delivery in May contracts too traded higher by Rs 3.90, or 0.44 per cent, to Rs 887.90 per kg in 8 lots.

Market analysts attributed the rise in nickel futures to increase in positions by speculators, driven by rising demand from alloy-makers in the spot market and a better trend in select metals at the London Metal Exchange (LME).