Base metals: Zinc, lead rise; nickel, copper slide

Zinc prices rose 0.51 per cent to Rs 188.65 per kg in futures trade on Monday as speculators built up fresh positions, taking positive cues from the spot market.

On the Multi Commodity Exchange, zinc contracts for September delivery traded higher by 95 paise, or 0.51 per cent, at Rs 188.65 per kg in a business turnover of 1,882 lots.

Marketmen said fresh positions built up by participants due to pick up in demand at spot markets led to the rise in zinc futures.

Lead
Lead prices were trading higher by 0.22 per cent to Rs 156.30 per kg in futures trade on Monday 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 September contracts edged higher by 35 paise, or 0.22 per cent, to Rs 156.30 per kg in a business volume of 1,366 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.

Nickel
Nickel prices fell by Rs 4 to Rs 1,237.40 per kg in futures trade on Monday as speculators trimmed their positions on weak demand in the spot market.

On the Multi Commodity Exchange, nickel contracts for September delivery declined by Rs 4, or 0.32 per cent, to Rs 1,237.40 per kg in a business turnover of 5,341 lots.

Similarly, the metal contracts for October delivery fell by Rs 4.90, or 0.39 per cent, to Rs 1,240.20 per kg in 998 lots.

Muted demand from alloy makers in the spot market mainly weighed on nickel prices in futures trade, analysts said.

Copper
Copper futures traded lower by Rs 1.85 at Rs 458.10 per kg in futures trade on Monday after speculators trimmed their positions amid subdued trend in the global market.

On Multi Commodity Exchange, copper contracts for September delivery fell by Rs 1.85, or 0.40 per cent, to Rs 458.10 per kg in a business turnover of 2,063 lots.

Similarly, copper contracts for October delivery traded down by Rs 1.55, or 0.34 per cent, to Rs 459.5 per kg in a business turnover of 197 lots.

In the international market, the metal was quoting lower by 1.06 per cent to USD 267.10 per pound in New York.