New Delhi: Nickel futures on Monday declined by Rs 3.50 to Rs 1,050.90 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 Rs 3.50, or 0.33 per cent, to Rs 1,050.90 per kg with a business turnover of 3,352 lots.
Similarly, nickel contracts for January delivery dropped by 60 paise, or 0.06 per cent, to Rs 1,052.80 per kg in 467 lots.
Analysts said subdued demand in spot market mainly led to fall in nickel futures prices here.
Zinc
Zinc prices on Monday fell by 85 paise to Rs 182.30 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 85 paise, or 0.46 per cent, to Rs 182.30 per kg in a business turnover of 1,022 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.
Copper
Copper futures on Monday traded 0.27 per cent lower at Rs 440.90 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 Rs 1.20 or 0.27 per cent, to Rs 440.90 per kg in a business turnover of 1,523 lots.
Similarly, copper contracts for January delivery traded lower by Rs 1.15, or 0.26 per cent, at Rs 446.10 per kg in a business turnover of 579 lots.
Traders said weak demand at spot market mainly pushed down copper prices.
Source: Economic Times
