Home Misc NewsCommodity Markets News Base Metals: Copper, zinc edge up on the back of pick-up in demand

Base Metals: Copper, zinc edge up on the back of pick-up in demand

by FxFinanceStockNews


Zinc prices on Thursday edged higher 0.40 per cent to Rs 176.15 per kg in futures market as traders built up fresh positions.

On the Multi Commodity Exchange, zinc for delivery in May traded higher by 70 paise, or 0.40 per cent, to Rs 176.15 per kg in a business turnover of 3 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 Thursday traded up by 0.89 per cent at Rs 438.35 per kg in futures market on the back of pick-up in spot demand.

On the Multi Commodity Exchange, copper contracts for delivery in February traded higher by Rs 3.85, or 0.89 per cent, at Rs 438.35 per kg in a business turnover of 3,193 lots.

Similarly, the metal for delivery in March edged up by Rs 3.55, or 0.81 per cent, to Rs 439.25 per kg in 92 lots.

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

Nickel
Nickel futures on Thursday declined by Rs 2.10 to Rs 962.4 per kg due to reducing of positions by speculators amid sluggish demand at spot market.

On the Multi Commodity Exchange, nickel contracts for February delivery fell by Rs 2.10, or 0.22 per cent, to Rs 962.40 per kg with a business turnover of 4,068 lots.

Similarly, nickel contracts for March delivery dropped by Rs 3.20, or 0.33 per cent, to Rs 960 per kg in 55 lots.

Analysts said subdued demand in spot market mainly led to fall in nickel future prices here.





Source Article

Related Posts

Leave a Comment