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

by FxFinanceStockNews


Nickel prices on Wednesday edged up by Rs 1.60 to Rs 1,034.40 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 1.60, or 0.15 per cent, to Rs 1,034.40 per kg in a business turnover of 4,531 lots.

The metal for delivery in February gained Rs 1.61, or 0.16 per cent, to Rs 1,027.50 per kg in a business turnover of 56 lots.

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

Copper

Copper prices on Wednesday traded up by 0.30 per cent at Rs 450.45 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 Rs 1.35, or 0.30 per cent, at Rs 450.45 per kg in a business turnover of 2,105 lots.

Similarly, the metal for delivery in February edged up by Rs 1.50, or 0.33 per cent, to Rs 451.25 per kg in 123 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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