Base Metals: Nickel, copper edge up in futures amid high demand

Nickel prices on Friday edged up by Rs 5.30 to Rs 1,020.50 per kg in futures trade as speculators built positions on rising demand from alloy-makers in spot market.

On the Multi Commodity Exchange, nickel contracts for January delivery gained Rs 5.30, or 0.52 per cent, to Rs 1,020.50 per kg in a business turnover of 2,112 lots.

Similarly, the metal for delivery in February traded up by Rs 5, or 0.5 per cent, at Rs 1,011.50 per kg in a business turnover of 526 lots.

Rising demand in spot market from alloy-makers supported price rise in nickel futures, analysts said.

Copper
Copper prices on Friday traded up 0.32 per cent at Rs 453.70 per kg in futures market on the back of pick-up in spot demand.

On the Multi Commodity Exchange, copper contracts for delivery in January traded higher by Rs 1.45, or 0.32 per cent, at Rs 453.70 per kg in a business turnover of 4,684 lots.

Similarly, the metal for delivery in February edged up by Rs 1.25, or 0.28 per cent, to Rs 455 per kg in 1,649 lots.

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