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Base Metals: Nickel, copper trade up in futures trade amid high demand

Base Metals: Nickel, copper trade up in futures trade amid high demand

Nickel prices on Tuesday edged up by Rs 9.30 to Rs 916.10 per kg in futures trade as speculators built positions on rising demand from alloy-makers at spot market.

On the Multi Commodity Exchange, nickel contracts for February delivery gained Rs 9.30, or 1.03 per cent, to Rs 916.10 per kg in a business turnover of 30 lots.

Similarly, the metal for March delivery traded higher by Rs 10, or 1.09 per cent, at Rs 928.50 per kg in a business turnover of 3,285 lots.

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

Copper

Copper prices on Tuesday traded up 0.53 per cent at Rs 424.75 per kg in futures market on the back of pick-up in spot demand.

On the Multi Commodity Exchange, copper contracts for delivery in February traded higher by Rs 2.25, or 0.53 per cent, at Rs 424.75 per kg in a business turnover of 127 lots.

Similarly, the metal for delivery in March edged up by Rs 1.75, or 0.41 per cent, to Rs 429.20 per kg in 3,953 lots.

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

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