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Base Metals: Nickel edges up, copper lowers down in futures trade

by FxFinanceStockNews


Nickel prices on Wednesday edged up by Rs 2.60 to Rs 1,031.80 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 2.60, or 0.25 per cent, to Rs 1,031.80 per kg in a business turnover of 1,794 lots.

The metal for delivery in February traded lower by Rs 3.50, or 0.34 per cent, at Rs 1,031.50 per kg in a business turnover of 8 lots.

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

Copper

Copper futures on Wednesday traded 0.09 per cent lower at Rs 440.85 per kg in futures trade as speculators reduced their exposure on weak spot demand.

On the Multi Commodity Exchange, copper contracts for January delivery fell by 40 paise, or 0.09 per cent, to Rs 440.85 per kg in a business turnover of 981 lots.

Similarly, copper contracts for February delivery traded lower by 20 paise, or 0.04 per cent, at Rs 444.95 per kg in a business turnover of 37 lots.

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





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