Base metals: Aluminium, copper futures ease on low demand

Base metals: Aluminium, copper futures ease on low demand

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New Delhi: Aluminium prices on Monday softened by 0.18 per cent to Rs 136.50 per kg in futures trade as speculators cut bets amid subdued demand in spot market.

On the Multi Commodity Exchange, aluminium for delivery in July contracts eased by 25 paise, or 0.18 per cent, to Rs 136.50 per kg in a business turnover of 810 lots.

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

Copper
Copper prices on Monday slipped by 75 paise to Rs 499.55 per kg as participants cut down their positions amid muted demand in domestic market.

On the Multi Commodity Exchange, copper for July delivery eased by 75 paise, or 0.15 per cent, to Rs 499.55 per kg in a business turnover of 5,452 lots.

Analysts said trimming of positions by speculators due to muted demand in spot market mainly led to the fall in copper prices here.

Nickel
Nickel prices on Monday rose by 0.62 per cent to Rs 1,000 per kg in futures trade as speculators built fresh positions on rising demand from alloy makers in spot market.

On the Multi Commodity Exchange, nickel contracts for July delivery gained Rs 6.20, or 0.62 per cent, to Rs 1,000 per kg in a business turnover of 1,694 lots.

The metal for August delivery traded higher by Rs 4.10, or 0.41 per cent, at Rs 1,003.20 per kg in a business turnover of 335 lots.

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

Zinc
Zinc prices on Monday rose by 5 paise to Rs 173.45 per kg in futures trade, tracking a firm trend in physical markets on the back of pick-up in spot demand.

On the Multi Commodity Exchange, zinc contracts for July delivery traded higher by 5 paise, or 0.03 per cent, at Rs 173.45 per kg with a business turnover of 2,280 lots.

Marketmen said widening of positions by participants following pick-up in demand from consuming industries kept zinc prices higher in futures trade.

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