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

by FxFinanceStockNews


Nickel prices on Friday edged up by 60 paise to Rs 1,038 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 60 paise, or 0.06 per cent, to Rs 1,038 per kg in a business turnover of 2,464 lots.

The metal for delivery in February gained 30 paise, or 0.03 per cent, to Rs 1,030.90 per kg in a business turnover of 29 lots.

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

Copper

Copper prices on Friday traded up by 60 paise at Rs 450.55 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 60 paise, or 0.13 per cent, at Rs 450.55 per kg in a business turnover of 1,703 lots.

Similarly, the metal for delivery in February edged up by 61 paise, or 0.13 per cent, to Rs 451.30 per kg in 46 lots.

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





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