Commodity Market Report-Base metals: Copper, nickel rise on high demand

Nickel prices gained 0.89 per cent to Rs 863.60 per kg in futures trade today as speculators built up positions, supported by rising demand from alloy-makers in the spot market.

At the Multi Commodity Exchange, nickel for delivery in current month moved up by Rs 7.60, or 0.89 per cent, to Rs 863.60 per kg in a business turnover of 1,650 lots.

base metal promotional

Similarly, the metal for May delivery traded higher by Rs 7.50, or 0.87 per cent, to Rs 867.50 per kg in a business turnover of 27 lots.

Analysts said, speculators enlarged positions on a firming trend at the domestic spot markets on better demand from consuming industries, which mainly supported the upside in nickel prices in futures trade.

Copper
Copper prices rose by 0.23 per cent to Rs 434.65 per kg in futures trade today as speculators built up fresh positions amid rising demand in domestic spot markets.

In futures trading at the Multi Commodity Exchange, copper for delivery in April traded higher by Re 1, or 0.23 per cent, to Rs 434.65 per kgin a business turnover of 1,457 lots.

Metal for delivery in far-month June rose 95 paise, or 0.22 per cent, to Rs 439.50 per kg in 11 lots.
Analysts attributed the rise in copper futures to raising of bets by participants, tracking a firm trend at the domestic markets following pick up in demand from consuming industries.

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