Base Metals: Nickel, copper, zinc drift lower in futures trade amid weak demand

Nickel futures on Friday declined by Rs 5.30 to Rs 1,077.20 per kg due to reducing of positions by investors amid sluggish demand in spot market.

On the Multi Commodity Exchange, nickel contracts for November delivery fell by Rs 5.30, or 0.49 per cent, to Rs 1,077.20 per kg with a business turnover of 4,880 lots.

Nickel contracts for December delivery traded lower by Rs 9.20, or 0.86 per cent, at Rs 1,060.30 per kg in 295 lots.

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

Copper
Copper prices on Friday drifted 0.28 per cent lower to Rs 429.80 per kg in futures trade as speculators reduced exposure, tracking a weak trend overseas.

On the Multi Commodity Exchange, copper for November delivery fell Rs 1.20, or 0.28 per cent, to Rs 429.80 per kg in a business turnover of 2,574 lots.

Similarly, the metal for December delivery traded lower by Rs 1.10, or 0.23 per cent, at Rs 435.65 per kg in 773 lots.

Globally, copper traded 0.78 per cent lower at USD 5,829 per tonne on the London Metal Exchange.

Zinc
Zinc prices on Friday edged lower by 50 paise to Rs 186.05 per kg in futures trade as speculators cut bets, driven by easing demand in spot market.

On the Multi Commodity Exchange, zinc contracts for November delivery moved down by 50 paise, or 0.27 per cent, to Rs 186.05 per kg in a business turnover of 1,698 lots.

Similarly, the metal for delivery in December was trading lower by 55 paise, or 0.29 per cent, at Rs 186.30 per kg in 370 lots.

Analysts said offloading of positions by traders owing to slackened demand from consuming industries in physical market weighed on zinc prices in futures trade.

Lead
Lead prices on Friday rose 60 paise to Rs 154.10 per kg in futures trade due to pick up in demand in spot market.

On the Multi Commodity Exchange, lead contracts for November delivery traded up by 60 paise, or 0.39 per cent, at Rs 154.10 per kg in a business turnover of 516 lots.

Similarly, the metal for December delivery traded higher by 40 paise, or 0.26 per cent, at Rs 154.10 per kg in 149 lots.

Market analysts attributed the rise in lead futures to pick up in demand from battery makers in spot market.

Aluminium
Aluminium prices fell 0.38 per cent to Rs 129.85 per kg in futures trade on Friday as participants trimmed positions tracking a weak trend at spot market due to sluggish demand.

At the Multi Commodity Exchange, aluminium for November delivery eased by 50 paise, or 0.38 per cent, to Rs 129.85 per kg in a business turnover of 804 lots.

Similarly, the metal for December delivery weakened by 60 paise, or 0.45 per cent, to Rs 132.10 per kg in 573 lots.

Analysts attributed the weakness in aluminium prices to slackened demand from consuming industries at the spot market.