Base Metals: Zinc, nickel, lead futures slide on tepid demand

New Delhi: Zinc prices eased 0.19 per cent to Rs 183.20 per kg in the futures trade on Monday as speculators cut down positions taking weak cues from the spot market.

On the Multi Commodity Exchange, zinc for delivery in August contracts declined 35 paisa, or 0.19 per cent, to Rs 183.20 per kg in a business turnover of 3,483 lots.

Marketmen said weakness in metals in the domestic spot market due to slackened demand from consuming industries mainly influenced prices.

Nickel

Nickel prices fell by Rs 7.20 per cent to Rs 1,131.40 per kg in futures trade on Monday as traders cut bets tracking a weak trend at the spot market.

On the Multi Commodity Exchange, nickel for delivery in current month declined by Rs 7.20, or 0.63 per cent, to Rs 1,131.40 per kg in a business turnover of 11,691 lots.

Market analysts said the fall in nickel prices was mostly in sync with a weak trend at the spot market on muted demand from the alloy-makers.

Copper

Copper prices rose 0.34 per cent to Rs 447.50 per kg in futures trade on Monday after participants raised their positions amid pick-up in demand at the spot market.

On the Multi Commodity Exchange, copper for most-traded August delivery traded higher by Rs 1.50, or 0.34 per cent, to Rs 447.50 per kg in a business turnover of 3,839 lots.

The metal for September delivery also traded up by Rs 1.55, or 0.35 per cent, to Rs 447.25 per kg in a business turnover of 69 lots.

Analysts attributed the rise in copper prices at futures trade to raising of bets by participants driven by pick-up in demand at the spot market.

Lead

Lead prices were trading lower at Rs 154.15 per kg in futures trade on Monday after participants booked profits amid subdued demand at the spot market.

On the Multi commodity Exchange, lead for September delivery traded lower by 10 paise, or 0.06 per cent, at Rs 154.15 per kg in a business turnover of 67 lots.

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

Aluminium

Aluminium prices inched up by 0.04 per cent to Rs 140.95 per kg in futures trade on Monday as speculators created fresh positions amid rising spot demand.

On the Multi Commodity Exchange, aluminium contracts for August delivery edged up by 5 paise, or 0.04 per cent, to Rs 140.95 per kg in 627 lots.

Analysts said fresh positions built up by participants on the back of rising demand from consuming industries in the physical market led to the rise in aluminium prices.