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Base Metals: Nickel, copper, lead edge lower in futures trade amid low demand

by FxFinanceStockNews


Nickel futures on Friday declined by Rs 20.30 to Rs 1,024.20 per kg due to reducing of positions by speculators amid sluggish demand in spot market.

On the Multi Commodity Exchange, nickel contracts for January delivery fell by Rs 20.30, or 1.94 per cent, to Rs 1,024.20 per kg with a business turnover of 5,575 lots.

Similarly, nickel contracts for February delivery dropped by Rs 20.50, or 1.97 per cent, to Rs 1,022.50 per kg in 62 lots.

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


Copper


Copper futures on Friday traded 0.28 per cent lower at Rs 442.55 per kg as speculators reduced their exposure on weak spot demand.

On the Multi Commodity Exchange, copper contracts for January delivery fell by Rs 1.25, or 0.28 per cent, to Rs 442.55 per kg in a business turnover of 2,911 lots.

Similarly, copper contracts for February delivery traded lower by Rs 1.30, or 0.29 per cent, at Rs 446.30 per kg in a business turnover of 43 lots.

Traders said weak demand in spot market mainly pushed down copper prices here.

Lead

Lead prices on Friday drifted lower by 3.8 per cent to Rs 147 per kg in futures trade as speculators cut bets on low demand.

On the Multi Commodity Exchange, lead for delivery in May fell by Rs 5.80, or 3.8 per cent, to Rs 147 per kg in 10 lots.

Analysts said off-loading of positions by participants owing to slackened demand from consuming industries in physical market mainly exerted pressure on lead prices here.

Aluminium

Aluminium prices on Friday edged up 2.19 per cent to Rs 142.60 per kg in futures market after speculators built up fresh positions amid positive trend in spot market.

On the Multi Commodity Exchange, aluminium contracts for delivery in May gained Rs 3.05, or 2.19 per cent, to Rs 142.60 per kg with a business turnover of one lot.

Analysts said fresh positions created by traders on positive demand from consuming industries mainly led to rise in aluminium prices.





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