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    Base Metals: Zinc, copper futures fall on muted demand

    Synopsis

    Copper futures fell 0.03 per cent to Rs 444.80 per kg in futures trade on Friday.

    zinc-bccl
    Traders said weakness in zinc prices in futures trade was mostly due to cutting down of bets by speculators in tandem in line with a weak trend at the spot market.

    Commodity Summary

    MCX
    New Delhi: Zinc futures traded marginally lower at Rs 182.85 per kg on Friday as speculators reduced exposure at the spot market.

    At the Multi Commodity Exchange, zinc contracts for September delivery fell by 40 paise, or 0.22 per cent, to Rs 182.85 per kg in a business turnover of 2,820 lots.

    On similar lines, contracts to be delivered in August traded lower by 15 paise, or 0.08 per cent, to Rs 180.10 per kg in a business turnover of 86 lots.

    Traders said weakness in zinc prices in futures trade was mostly due to cutting down of bets by speculators in tandem in line with a weak trend at the spot market.

    Copper

    Copper futures fell 0.03 per cent to Rs 444.80 per kg in futures trade on Friday after speculators trimmed positions in tandem with a weak trend overseas.

    At the Multi Commodity Exchange, copper for delivery in September fell 15 paise, or 0.03 per cent, to Rs 444.80 per kg in a business turnover of 2,089 lots.

    The metal slipped 0.23 per cent to USD 257.15 on the COMEX.

    Traders said, off-loading of positions by speculators amid weak global cues led to fall in copper prices at futures trade.

    Nickel

    Nickel prices went up 1.3 per cent to Rs 1,181.20 per kg in the futures trade on Friday as speculators raised their bets on spot demand.

    On the Multi Commodity Exchange, nickel for delivery in September gained Rs 15.20, or 1.3 per cent, to Rs 1,181.20 per kg in a business turnover of 12,426 lots.

    Increase in domestic demand from alloy makers and firmness in base metals at the spot market mainly influenced nickel prices here, analysts said.



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    Download The Economic Times News App to get Daily Market Updates & Live Business News.

    Subscribe to The Economic Times Prime and read the Economic Times ePaper Online.and Sensex Today.

    Top Trending Stocks: SBI Share Price, Axis Bank Share Price, HDFC Bank Share Price, Infosys Share Price, Wipro Share Price, NTPC Share Price

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