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Base Metals: Zinc, copper trade up in futures amid high demand

by FxFinanceStockNews


Zinc prices on Wednesday edged higher 0.68 per cent to Rs 178.20 per kg in futures market as traders built up fresh positions.

On the Multi Commodity Exchange, zinc for delivery in May traded higher by Rs 1.20, or 0.68 per cent, to Rs 178.20 per kg in a business turnover of 1 lots.

Market analysts said fresh positions created by participants on the back of rise in demand from consuming industries mainly attributed to gain in zinc prices.

Copper

Copper prices on Monday traded up by Rs 1.65 at Rs 428 per kg in futures market on the back of pick-up in spot demand.

On the Multi Commodity Exchange, copper contracts for delivery in February traded higher by Rs 1.65, or 0.39 per cent, at Rs 428 per kg in a business turnover of 2,576 lots.

Similarly, the metal for delivery in March edged up by Rs 1.80, or 0.42 per cent, to Rs 430 per kg in 79 lots.

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

Nickel

Nickel prices on Monday edged up by Rs 5.40 to Rs 949.50 per kg in futures trade as speculators built positions on rising demand from alloy-makers at spot market.

On the Multi Commodity Exchange, nickel contracts for February delivery gained Rs 5.40 or 0.57 per cent, to Rs 949.50 per kg in a business turnover of 2,714 lots.

Similarly, the metal for March delivery traded higher by Rs 3.30, or 0.35 per cent, at Rs 946.30 per kg in a business turnover of 12 lots.

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





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