Base Metals: Copper, zinc, aluminium futures fall on weak demand

New Delhi: Copper futures traded lower by Rs 3.24 at Rs 434.80 per kg on Tuesday as investors reduced their bets, taking weak cues from the global market.

Traders said apart from subdued trend overseas, weak demand at spot market mainly pushed down copper prices.

On the Multi Commodity Exchange, copper contracts for October delivery shed Rs 3.25, or 0.74 per cent, to Rs 434.80 per kg in a business turnover of 2,522 lots.

Similarly, copper contracts for November delivery traded down by Rs 3.55, or 0.8 per cent, to Rs 438.65 per kg in a business turnover of 61 lots

In the international market, the metal was quoting lower by 0.73 per cent to $5,725 per tonne on the London Metal Exchange.

Nickel

Nickel prices edged up by Rs 8.80 to Rs 1,225.60 per kg in futures trade on Tuesday as speculators built their positions owing to rising demand from alloy-makers in the spot market.

On the Multi Commodity Exchange, nickel contracts for October delivery gained Rs 8.80, or 0.72 per cent, to Rs 1,225.60 per kg in a business turnover of 5,957 lots.

Similarly, the metal for delivery in November traded up by Rs 9.10, or 0.75 per cent, at Rs 1,224 per kg in a business turnover of 214 lots.

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

Zinc

Zinc futures traded lower 0.35 per cent at Rs 184.90 per kg on Tuesday as speculators reduced exposure at the spot market even as the metal strengthened overseas.

On the Multi Commodity Exchange, zinc contracts for October slipped 0.35 per cent, or 65 paise, to Rs 184.90 per kg in a business turnover of 2,091 lots.

Zinc contracts for November delivery declined by 50 paise, or 0.27 per cent, to Rs 187.15 per kg in 13 lots.

However, on the London Metal Exchange, zinc was quoting higher by 3.23 per cent to $2,378 per tonne.

Aluminium

Aluminium prices fell 0.07 per cent to Rs 134.50 per kg in futures trade on Tuesday as participants trimmed positions, tracking a weak trend at spot market due to sluggish demand.

At the Multi Commodity Exchange, aluminium for October delivery eased by 10 paise, or 0.07 per cent, to Rs 134.50 per kg in a business turnover of 330 lots.

Similarly, the metal for November delivery weakened by 20 paise, or 0.15 per cent, to Rs 136.60 per kg in 7 lots.

Analysts attributed the weakness in aluminium prices to slackened demand from consuming industries in the spot market.