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Mar.29.2024 1USD=7.095RMB
  SteelHome >>Nonferrous Metals>>Market Info>>International Dynamics
 
Base Metals: Zinc, Copper, Nickel Futures Rise on Spot Demand

https://en.steelhome.com [SteelHome] 2019-08-28 16:42:12

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Zinc prices rose 0.35 per cent to Rs 185.15 per kg in futures trade on Wednesday as speculators built up fresh positions taking positive cues from the spot market.

On the Multi Commodity Exchange, zinc for delivery in September traded 65 paise, or 0.35 per cent higher at Rs 185.15 per kg in a business turnover of 1,974 lots.

Marketmen said fresh positions built up by participants due to pick-up in spot market led to rise in zinc futures.

Copper

Copper prices rose 0.3 per cent to Rs 444.15 per kg in futures trade Wednesday after participants raised their positions amid pick-up in demand at the spot market.

On the Multi Commodity Exchange, copper contracts for September delivery traded higher by Rs 1.35, or 0.3 per cent, to Rs 444.15 per kg in a business turnover of 1,490 lots.


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

Nickel

Nickel prices went up by 0.53 per cent to Rs 1,122 per kg in futures trade on Wednesday as speculators raised their bets on spot demand.

On the Multi Commodity Exchange, nickel for delivery in September gained Rs 5.90, or 0.53 per cent, to Rs 1,122 per kg in a business turnover of 3,870 lots.

Increase in domestic demand from alloy-makers and firmness in base metals at the spot market mainly influenced nickel prices here, analysts said.

Lead

Lead prices were trading lower at Rs 155.60 per kg in the futures trade on Wednesday after participants booked profits amid subdued demand at the spot market.

On the Multi Commodity Exchange, lead contracts for most-traded September delivery traded lower by 5 paise, or 0.03 per cent, at Rs 155.60 per kg in a business turnover of 880 lots.

Analysts attributed the fall in lead prices to profit-booking by players at current levels coupled with low demand at the spot market.

Source: Economic Times
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