Base Metals: Copper, nickel, zinc futures up on spot demand

New Delhi: Copper prices edged higher by 0.06 per cent to Rs 447 per kg in futures trade Thursday as participants raised bets, tracking positive global cues.

On the Multi Commodity Exchange, copper contracts for July delivery rose by 25 paise, or 0.06 per cent, to Rs 447 per kg in business turnover of 5,984 lots.

Analysts said a firm trend overseas and pick-up in demand at the spot market mainly led to the rise in copper prices in futures trade.

Nickel

Nickel prices went up by 3.11 per cent to Rs 1,024.50 per kg in futures trade Thursday as speculators raised their bets on spot demand.

On the Multi Commodity Exchange, nickel for delivery in July gained Rs 30.90, or 3.11 per cent, to Rs 1,024.50 per kg in a business turnover of 15,606 lots.

Increase in domestic demand from alloy-makers mainly influenced nickel prices at futures trade here, analysts said.

Zinc

Zinc prices rose 0.75 per cent to Rs 195.80 per kg in futures trade Thursday as speculators built up fresh positions taking positive cues from the spot market.

On the Multi Commodity Exchange, zinc for delivery in June contracts traded Rs 1.45, or 0.75 per cent, higher at Rs 195.80 per kg in a business turnover of 4,278 lots.

Marketmen said fresh positions built up by participants due to pick-up in spot market led to the rise in zinc futures.

Aluminium

Aluminium prices edged up by 0.24 per cent to Rs 143.40 per kg in futures market Thursday after speculators built up fresh positions amid an up-tick in demand at the spot market.

On the Multi commodity Exchange (MCX), aluminium for delivery in current month edged higher by 35 paise, or 0.24 per cent, to Rs 143.40 per kg in a business turnover of 2,077 lots.

Analysts said fresh positions created by traders after positive demand from consuming industries mainly led to rise in aluminium prices.

Lead

Lead prices were trading higher by 0.61 per cent to Rs 156.30 per kg in futures trade Thursday as participants built up fresh positions driven by pick-up in demand at the spot market.

On the Multi Commodity Exchange, lead for delivery in August contracts edged higher by 95 paise, or 0.61 per cent, to Rs 156.30 per kg in a business volume of 1,829 lots.

Market analysts said fresh positions created by traders due to upsurge in demand by battery-makers in the physical market mainly helped lead prices to trade higher.