Base Metals: Copper, nickel down on low demand

Nickel futures traded 0.60 per cent lower at Rs 932 per kg today as participants reduced exposure amid weak global cues and profit-booking.

At the Multi Commodity Exchange, nickel for delivery in June fell Rs 5.60, or 0.60 per cent, to Rs 932 per kg, in a business turnover of one lot.

Also, the metal for delivery in May was trading down Rs 4.60, or 0.49 per cent lower, at Rs 929.50 per kg in 230 lots.

Market analysts said, apart from profit-booking by participants, a weak trend in select base metals overseas, weighed on nickel futures.

Zinc
Zinc prices were up by 0.54 per cent to Rs 205.30 per kg in futures market today as participants enlarged positions, tracking a firm trend at spot market.

At the Multi Commodity Exchange, zinc for delivery in May rose by Rs 1.10, or 0.54 per cent to Rs 205.30 per kg in business turnover of 789 lots.

Likewise, the metal for delivery in June contract was up by Rs 1.05, or 0.51 per cent to Rs 205.65 per kg in 8 lots.

Analysts said expanding of positions by traders backed by rising demand from consuming industries in the physical market, led to the rise in zinc prices at futures trade.

Copper
Copper prices dipped by 0.36 per cent to Rs 453.80 per kg in futures trade today as speculators indulged in reducing their positions amid low demand from consuming industries in the spot markets weighing on the prices.

Besides, a weak trend in select base metals overseas as tariff woes between the US and China returned, ahead of trade talks between the two countries, too put pressure on copper prices.

At the Multi Commodity Exchange, copper for delivery in June fell by Rs 1.65 or 0.36 per cent to Rs 453.80 per kg in business turnover of 388 lots.

Likewise, the metal for delivery in far-month August traded lower by Rs 1.60, or 0.35 per cent to Rs 457.65 per kg in three lots.

Globally, three-month copper at the London Metal Exchange (LME) was down down 0.1 per cent to USD 6,810.50 a tonne, having closed up 1.1 per cent in the previous session, as a firm dollar weighed on prices.

Analysts attributed the fall in copper prices at futures trade to a weak trend in base metals at the domestic spot markets due to low demand from consuming industries.