home Latest News Base metals: Nickel, copper, lead futures drop on soft demand – Economic Times

Base metals: Nickel, copper, lead futures drop on soft demand – Economic Times

This post was originally published on this site

New Delhi: Nickel futures on Tuesday declined by 90 paise to Rs 1,009 per kg due to reducing of positions by speculators amid sluggish demand in spot market.

On the Multi Commodity Exchange, nickel contracts for December delivery fell by 90 paise, or 0.09 per cent, to Rs 1,009 per kg with a business turnover of 2,107 lots.

Similarly, nickel contracts for January delivery fell by Rs 1.80, or 0.18 per cent, to Rs 1,006 per kg in 25 lots.

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

Copper
Copper futures on Tuesday traded 0.14 per cent lower at Rs 431.50 per kg as speculators reduced their exposure on weak spot demand.

On the Multi Commodity Exchange, copper contracts for December delivery fell by 60 paise, or 0.14 per cent, to Rs 431.50 per kg in a business turnover of 1,762 lots.

Similarly, copper contracts for January delivery traded lower by 85 paise, or 0.19 per cent, at Rs 436.30 per kg in a business turnover of 33 lots.

However, globally copper was trading 0.32 per cent higher to USD 5,883 per tonne on the London Metal Exchange.

Lead
Lead prices on Tuesday drifted 0.20 per cent lower to Rs 152.05 per kg in futures market as speculators cut bets on low demand.

On the Multi Commodity Exchange, lead for delivery in December fell by 30 paise, or 0.20 per cent, to Rs 152.05 per kg in 710 lots.

Analysts said offloading of positions by participants owing to slackened demand from consuming industries in physical market mainly influenced lead prices in futures trade.

Aluminium
Aluminium prices on Tuesday fell 35 paise to Rs 134.25 per kg in futures trade as participants trimmed positions tracking a weak trend in spot market on sluggish demand.

On the Multi Commodity Exchange, aluminium for December delivery eased by 35 paise, or 0.26 per cent, to Rs 134.25 per kg in a business turnover of 355 lots.

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