Base metals: Zinc, nickel futures rise on firm spot demand

New Delhi: Zinc prices on Thursday rose by Rs 2.10 to Rs 174.85 per kg in futures trade, tracking a firm trend in physical markets on the back of pick-up in spot demand.

On the Multi Commodity Exchange, zinc contracts for July delivery traded higher by Rs 2.10, or 1.22 per cent, at Rs 174.85 per kg with a business turnover of 1,626 lots.

Marketmen said widening of positions by participants following pick-up in demand from consuming industries kept zinc prices higher in futures trade.

Nickel
Nickel prices on Thursday rose by 1.86 per cent to Rs 1,005.40 per kg in futures trade as speculators built fresh positions on rising demand from alloy makers in spot market.

On the Multi Commodity Exchange, nickel contracts for July delivery gained Rs 18.40, or 1.86 per cent, to Rs 1,005.40 per kg in a business turnover of 1,422 lots.

The metal for August delivery traded higher by Rs 16.90, or 1.7 per cent, at Rs 1,010.10 per kg in a business turnover of 505 lots.

Rising demand in spot market from alloy makers mainly supported the price rise in nickel futures, analysts said.

Copper
Copper prices on Thursday rose by 0.61 per cent to Rs 510.45 per kg in futures trade on pick-up in spot demand.

On the Multi Commodity Exchange, copper contracts for August delivery traded higher by Rs 3.10, or 0.61 per cent, at Rs 510.45 per kg in a business turnover of 3,715 lots.

Analysts attributed the rise in copper prices to raising of bets by participants, driven by pick-up in spot demand.