Nickel prices on Tuesday edged up by Rs 6.30 to Rs 1,055.80 per kg in futures trade as speculators built their positions owing to rising demand from alloy-makers in spot market.
On the Multi Commodity Exchange, nickel contracts for December delivery gained Rs 6.30, or 0.60 per cent, to Rs 1,055.80 per kg in a business turnover of 1,146 lots.
Similarly, the metal for delivery in January traded up by Rs 2.4, or 0.23 per cent, at Rs 1,049.90 per kg in a business turnover of 2,408 lots.
Rising demand in spot market from alloy-makers supported price rise in nickel futures, analysts said.
Copper futures on Tuesday traded 0.05 per cent lower at Rs 441.05 per kg in futures trade as speculators reduced their exposure on weak spot demand.
On the Multi Commodity Exchange, copper contracts for December delivery fell by 20 paise or 0.05 per cent, to Rs 441.05 per kg in a business turnover of 1,209 lots.
Similarly, copper contracts for January delivery traded lower by 10 paise, or 0.03 per cent, at Rs 446.10 per kg in a business turnover of 1,567 lots.
Traders said weak demand in spot market mainly pushed down copper prices.
Zinc prices on Tuesday fell by 55 paise to Rs 180.20 per kg in futures trade as speculators cut bets amid easing demand in spot market.
On the Multi Commodity Exchange, zinc contracts for December delivery moved down by 55 paise, or 0.30 per cent, to Rs 180.20 per kg in a business turnover of 731 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 here.
Lead prices on Tuesday traded higher by 20 paise to Rs 153.05 per kg in futures trade as participants built up fresh positions driven by pick-up in demand in spot market.
On the Multi Commodity Exchange, lead for delivery in December edged up by 20 paise, or 0.13 per cent, to Rs 153.05 per kg with a business volume of 361 lots.
Market analysts said fresh positions created by traders due to upsurge in demand by battery-makers in physical market mainly kept lead prices higher.
Aluminium prices on Tuesday edged up 0.26 per cent to Rs 134.70 per kg in futures market after speculators built up fresh positions amid positive trend at the spot market.
On the Multi Commodity Exchange (MCX), aluminium for delivery in December contracts gained by 35 paise, or 0.26 per cent, to Rs 134.70 per kg in a business turnover of 353 lots.
Analysts said fresh positions created by traders after positive demand from consuming industries mainly led to rise in aluminium prices.
Source: Economic Times