Base metal watch: Zinc, nickel, lead, copper climb in morning trade

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Spot demand, global cues lift zinc futures by 0.56 per cent
NEW DELHI: Zinc futures traded higher by 0.56 per cent to Rs 197.70 per kg Monday as traders enlarged positions following uptick in demand in the spot markets coupled with a firm trend overseas.

In futures trade at the Multi Commodity Exchange, zinc for delivery this month traded higher by Rs 1.10 or 0.56 per cent to Rs 197.70 per kg in a business turnover of 5,364 lots.

Market analysts attributed the rise in zinc futures to a firm trend at spot market on pick up in demand from consuming industries and a firming trend overseas.

Nickel futures climb 1.33 per cent on global cues, spot demand
Amid firming trend overseas and strong demand at the domestic market, nickel prices went up by 1.33 per cent to Rs 926.50 per kg in futures trade Monday as traders participants widened their bets.

At the Multi Commodity Exchange, nickel for delivery in the current month contracts was trading higher by Rs 12.20 or 1.33 per cent to Rs 926.50 per kg in business turnover of 1,140 lots.

Analysts attributed the persistent rise in nickel futures to widening of positions by participants on the back of firm global trend.

Besides, strong demand from alloy-makers at the domestic spot markets supported the upside, they said.

Lead futures trade higher on spot demand, global cues
Lead futures traded higher by 0.79 per cent to Rs 164.90 per kg Monday, as speculators enlarged positions supported by pick up in demand at the domestic spot markets and firm positive cues.

At the Multi Commodity Exchange, lead for delivery in current month traded higher by Rs 1.15, or 0.79 per cent, to Rs 147.05 per kg in a business turnover of 3,493 lots.

Market analysts said, apart from strong demand from battery-makers in the domestic spot markets, a firm trend in the base metals pack overseas, mainly influenced lead futures.

Copper futures gain 0.53 per cent on positive global cues
Tracking positive global cues, copper prices edged higher by 0.53 per cent to Rs 455.40 per kg in futures trade Monday as participants raised bets.

At the Multi Commodity Exchange, copper for delivery in November was up by Rs 2.40, or 0.53 per cent, to Rs 455.40 per kg in business turnover of 984 lots.

Likewise, the metal for delivery in February next year traded higher by Rs 2.35, or 0.50 per cent, to Rs 462.10 per kg in 102 lots.

Analysts said besides firm trend overseas, pick-up in demand in the spot market, mainly led to rise in copper prices in futures trade.

Source: Economic Times