Base Metals: Zinc, lead, nickel futures rise on spot demand

New Delhi: Zinc prices rose by 0.6 per cent to Rs 184.05 per kg in futures trade on Wednesday tracking a firm trend at the physical market on the back of pick up in demand.

On the Multi Commodity Exchange, zinc contracts for August traded higher by Rs 1.10, or 0.6 per cent, at Rs 184.05 per kg with a business turnover of 3,974 lots.

Marketmen said widening of positions by participants following pick-up in demand from consuming industries kept zinc prices higher.

Lead

Lead prices rose 0.03 per cent to Rs 154.95 per kg in futures trade on Wednesday due to pick-up in demand from consuming industries at the spot market.

On the Multi Commodity Exchange, lead for delivery in August contracts was trading up by 5 paise, or 0.03 percent, to Rs 154.95 per kg in a business turnover of 2,073 lots.

Market analysts said fresh positions created by traders amid upsurge in demand from battery-makers in the spot market mainly led to rise in lead prices.

Nickel

Nickel prices went up 0.27 per cent to Rs 1,130.80 per kg in futures trade on Wednesday as speculators raised their bets, driven by pick up in demand at the domestic spot market.

On the Multi Commodity Exchange, nickel for August delivery spurted Rs 3.10, or 0.27 per cent, to Rs 1,130.80 per kg with a business turnover of 11,027 lots.

The metal for September delivery, however, fell 70 paise, or 0.06 per cent, to Rs 1,130.10 per kg in 1,282 lots.

Expansion of positions by speculators on rising demand from alloymakers at the domestic spot markets led to the rise in nickel futures, analysts said.

Copper

Copper prices edged higher by 0.36 percent to Rs 447.30 per kg in futures trade on Wednesday as participants raised bets on spot demand.

On the Multi Commodity Exchange, copper for delivery in August was up by Rs 1.80, or 0.36 per cent, to Rs 447.30 per kg with a business turnover of 3,054 lots.

The metal for delivery in September also traded higher by Rs 1.15, or 0.26 per cent, at Rs 445.95 per kg in 111 lots.

Analysts said firm trend overseas and pick-up in demand mainly led to rise in copper prices here.