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Base Metals: Nickel declines, copper edges up in futures trade

by FxFinanceStockNews


Nickel futures on Friday declined by Rs 6.70 to Rs 1,027.80 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 6.70, or 0.65 per cent, at Rs 1,027.80 per kg with a business turnover of 1,544 lots.

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

Copper

Copper prices on Friday traded up by 0.06 per cent to Rs 445.15 per kg in futures trade on pick-up in spot demand.

On the Multi Commodity Exchange, copper contracts for delivery in January traded higher by 25 paise, or 0.06 per cent, to Rs 445.15 per kg in a business turnover of 4,946 lots.

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





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