Copper, lead, nickel edge higher on spot demand

Copper futures traded 0.39 per cent higher at Rs 387.70 per kg today as speculators built more bets amid a firming trend at the domestic spot market even as metal weakened overseas.

In futures trade, copper for delivery in far-month November was trading higher by Rs 1.55, or 0.39 per cent, at Rs 394.05 per kg in a business turnover of 84 lots at Multi Commodity Exchange.

Similarly, the metal for delivery in August edged up by Rs 1.45, or 0.38 per cent, at Rs 387.40 per kg in 1,000 lots.

Market analysts said a better trend in base metals at the domestic spot markets on pick-up in demand from consuming industries influenced copper futures here.

They said metal’s weakness at the London Metal Exchange (LME) on strength in dollar eroded demand for commodities, which limited the gains.

Meanwhile, copper for delivery in three months slipped 0.2 per cent to USD 5,956 per tonne at the LME yesterday.

Lead
Lead prices edged higher by 0.85 per cent to Rs 142.25 per kg in futures trade today after traders widened their bets amid pick-up in demand at the domestic spot market.

At Multi Commodity Exchange, lead for delivery for the current month rose by Rs 1.20, or 0.85 per cent, to Rs 142.25 per kg in a business turnover of 1,288 lots.

The metal for delivery in August edged up by Rs 1.15, or 0.81 per cent, to Rs 143.30 per kg in 25 lots.

Market analysts said uptick in demand from battery-makers in the domestic spot markets kept lead prices higher in futures trade, but weakness in select base metals overseas squeezed the gains.

Nickel
Nickel prices were up by Rs 3.40 at Rs 626.90 per kg in futures trade today as speculators raised their bets, driven by rising demand at the domestic spot markets.

Nickel to be delivered in August contracts rose by Rs 3.40, or 0.55 per cent, to Rs 626.90 per kg at Multi Commodity Exchange in a business turnover of 174 lots.

The metal for delivery in July was trading higher by Rs 2.90, or 0.47 per cent, at Rs 621.90 in 975 lots.

Analysts said the rise in nickel prices in futures trade was mostly attributed to strong demand from alloy-makers at the domestic spot market.

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