Base metals: Copper and lead rise; nickel falls
PTI|
Updated: Oct 16, 2017, 12.48 PM IST
Amid a firming global trend and pick up in spot demand, copper prices moved up by 0.81 per cent to Rs 451.60 per kg in futures trade today.
At the Multi Commodity Exchange, copper for delivery in November was up by Rs 3.65, or 0.81 per cent, to Rs 451.60 per kg, in a business volume of 2,831 lots.
Metal for delivery in far-month February next year rose by a similar margin to trade at Rs 456.35 per kg, in a business turnover of 34 lots.
Marketmen attributed the rise in copper futures to a firming trend in select base metals at the London Metal Exchange (LME).
Further, rising demand from consuming industries at domestic spot markets supported the upside, they said.
Nickel
Nickel futures traded 0.49 per cent down at Rs 752.50 per kg today as speculators reduced their exposure, tracking a weak trend at the domestic spot markets due to low demand.
Besides, profit-booking weighed on the sentiment.
At the Multi Commodity Exchange, nickel for delivery this month shed Rs 3.70 or 0.49 per cent to Rs 752.50 per kg in a business turnover of 2,135 lots.
The metal for delivery in November too fell by a similar margin to trade at Rs 758.20 per kg in 68 lots.
Market analysts said the fall in nickel prices was mostly in tune with a weak trend in the base metals at the domestic markets due to sluggish demand and profit-booking by participants.
Lead
Lead futures rose by 0.79 per cent to Rs 165.10 per kg today on the back of strong demand in spot market and a firming trend in global market.
In futures trading at the Multi Commodity Exchange, lead for delivery in October traded higher by Rs 1.30, or 0.79 per cent, at Rs 165.10 per kg, with a turnover of 6,556 lots.
Also, the metal for delivery in November traded up by Rs 1.15, or 0.70 per cent, at Rs 165.60 per kg, in a turnover of 25 lots.
Marketmen said pick-up in domestic demand, particularly from battery-makers, and a firming trend in metals at the London Metal Exchange (LME), supported the upmove in lead prices in futures trade.
At the Multi Commodity Exchange, copper for delivery in November was up by Rs 3.65, or 0.81 per cent, to Rs 451.60 per kg, in a business volume of 2,831 lots.
Metal for delivery in far-month February next year rose by a similar margin to trade at Rs 456.35 per kg, in a business turnover of 34 lots.
Marketmen attributed the rise in copper futures to a firming trend in select base metals at the London Metal Exchange (LME).
Further, rising demand from consuming industries at domestic spot markets supported the upside, they said.
Nickel
Nickel futures traded 0.49 per cent down at Rs 752.50 per kg today as speculators reduced their exposure, tracking a weak trend at the domestic spot markets due to low demand.
Besides, profit-booking weighed on the sentiment.
At the Multi Commodity Exchange, nickel for delivery this month shed Rs 3.70 or 0.49 per cent to Rs 752.50 per kg in a business turnover of 2,135 lots.
The metal for delivery in November too fell by a similar margin to trade at Rs 758.20 per kg in 68 lots.
Market analysts said the fall in nickel prices was mostly in tune with a weak trend in the base metals at the domestic markets due to sluggish demand and profit-booking by participants.
Lead
Lead futures rose by 0.79 per cent to Rs 165.10 per kg today on the back of strong demand in spot market and a firming trend in global market.
In futures trading at the Multi Commodity Exchange, lead for delivery in October traded higher by Rs 1.30, or 0.79 per cent, at Rs 165.10 per kg, with a turnover of 6,556 lots.
Also, the metal for delivery in November traded up by Rs 1.15, or 0.70 per cent, at Rs 165.60 per kg, in a turnover of 25 lots.
Marketmen said pick-up in domestic demand, particularly from battery-makers, and a firming trend in metals at the London Metal Exchange (LME), supported the upmove in lead prices in futures trade.
