Base Metals: Zinc, nickel, copper trade up in futures amid rise in demand

Aluminium prices on Monday fell by Rs 4.15 to Rs 138.05 per kg in futures market as participants trimmed their positions on low spot demand.

On the Multi Commodity Exchange, aluminium for delivery in May declined by Rs 4.15, or 2.92 per cent, to Rs 138.05 per kg in 1 lots.

Analysts said cutting down of positions by participants on easing demand from consuming industries in physical market mainly kept aluminium prices lower here.

Nickel
Nickel prices on Monday edged up by Rs 5.40 to Rs 1,048 per kg in futures trade as speculators built positions owing to rising demand from alloy-makers in domestic market.

On the Multi Commodity Exchange, nickel contracts for January delivery gained Rs 5.40, or 0.52 per cent, to Rs 1,048 per kg in a business turnover of 2,404 lots.

The metal for delivery in February gained Rs 6.10, or 0.59 per cent, to Rs 1,041.20 per kg in a business turnover of 23 lots.

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

Zinc
Zinc prices on Monday rose 0.03 per cent to Rs 185.05 per kg in futures market as traders built up fresh positions amid increase in spot demand.

On the Multi Commodity Exchange, zinc for delivery in May traded higher by 5 paise, or 0.03 per cent, to Rs 185.05 per kg in a business turnover of 4 lots.

Market analysts said fresh positions created by participants on the back of rise in demand from consuming industries mainly attributed to gain in zinc prices.

Copper
Copper prices on Monday traded up 0.09 per cent at Rs 447.80 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 40 paise, or 0.09 per cent, at Rs 447.80 per kg in a business turnover of 2,057 lots.

Similarly, the metal for delivery in February edged up by 25 paise, or 0.06 per cent, to Rs 450 per kg in 85 lots.

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