Base Metals: Zinc, nickel, lead futures soften on muted demand

Aluminium: Aluminium prices softened by 0.73 per cent to Rs 143.20 per kg in futures trade Thursday as speculators cut bets amid subdued demand at the spot market.

On the Multi Commodity Exchange, aluminium for delivery in July eased by Rs 1.05, or 0.73 per cent, to Rs 143.20 per kg in a business turnover of 2,532 lots.

Similarly, the metal for delivery in August contracts was trading lower by Re 1, or 0.68 per cent, to Rs 145.10 per kg in 780 lots.

Analysts said off-loading of positions by participants owing to slackened demand from consuming industries in the physical market mainly weighed on aluminium prices.

Lead: Lead prices fell 0.22 per cent to Rs 156.40 per kg in futures trade Thursday after participants booked profits amid subdued demand at the spot market.

On the Multi commodity Exchange, lead for delivery in current month was trading down by 35 paise, or 0.22 per cent, to Rs 156.40 per kg in a business turnover of 2,706 lots.

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

Nickel: Nickel prices went up by 0.33 per cent to Rs 918.30 per kg in futures trade Thursday as speculators raised their bets on spot demand.

On the Multi Commodity Exchange, nickel for delivery in July contracts gained Rs 3, or 0.33 per cent, to Rs 918.30 per kg in a business turnover of 11,721 lots.

Increase in domestic demand from alloy-makers and firmness in base metals at the spot market influenced nickel prices here, analysts said.

Similarly, the metal for delivery in August contracts traded up by 60 paisa, or 0.07 per cent, to Rs 920 per kg in a business turnover of 1,591 lots.

Silver: Silver prices rose by Rs 141 to Rs 38,461 per kg in futures trade Thursday after speculators built up fresh positions amid firm trend overseas.

On the Multi Commodity Exchange, silver for September contracts was trading up by Rs 141, or 0.37 per cent, to Rs 38,461 per kg with a business turnover of 18,306 lots.

The metal for delivery in far-month December contracts was also trading higher by Rs 211, or 0.54 per cent, to Rs 39,170 per kg in 705 lots.

Analysts said, the rise in silver prices at futures trade was due to building up of positions by participants tracking a firm trend in overseas market.

Globally, silver was edged up by 0.55 per cent at USD 15.31 an ounce in New York. PTI ADI

Copper: Copper futures fell 0.33 per cent to Rs 440.95 per kg in futures trade Thursday after speculators trimmed positions in tandem with a weak trend overseas.

On the Multi Commodity Exchange, copper for delivery in July contracts declined by Rs 1.45, or 0.33 per cent, to Rs 440.95 per kg in a business turnover of 25,090 lots.

The metal recorded a slide of 0.26 per cent at USD 268.70 on the COMEX.

Traders said, off-loading of positions by speculators amid weak global cues led to fall in copper prices at futures trade here.

Zinc: Zinc futures traded 0.03 per cent lower to Rs 192.80 per kg on Thursday as speculators reduced exposure amid subdued demand at the spot market.

Zinc for delivery in July contracts fell by 5 paise, or 0.03 per cent, to Rs 192.80 per kg at the Multi Commodity Exchange clocking a business turnover of 5,903 lots.

Traders said the weakness in zinc prices at futures trade was mostly due to cutting down of bets by speculators in tandem with a weak trend at the spot market.