Base Metals Market Update: Aluminium, nickel, zinc drift lower in futures trade amid weak demand

Aluminium prices fell 10 paise at Rs 133.90 per kg on Wednesday as participants trimmed their positions amid a weak trend in spot market.

On Multi Commodity Exchange, aluminium for delivery in October declined by 10 paise, or 0.08 per cent, to Rs 131.55 per kg in 2,794 lots.

Similarly, the metal for delivery in November weakened by 5 paise, or 0.04 per cent, to Rs 133.90 per kg in 161 lots.

Analysts said cutting down of positions by participants on easing demand from consuming industries in physical market mainly kept aluminium prices lower here.

Lead

Lead prices traded higher by 25 paise to Rs 155.75 per kg in futures trade on Wednesday as participants built up fresh positions driven by pick-up in demand at the spot market.

On the Multi Commodity Exchange, lead for delivery in October edged higher by 25 paise, or 0.16 per cent, to Rs 155.75 per kg in a business volume of 1,040 lots.

Lead contracts for November delivery traded up by 26 paise, or 0.16 per cent, to Rs 156.45 per kg in a business turnover of 61 lots.

Base Metals Market analysts said fresh positions created by traders due to upsurge in demand by battery-makers in the physical market mainly helped lead prices to trade higher.

Nickel

Nickel prices drifted lower by Rs 12.50 to Rs 1,186 per kg in futures trade on Wednesday as speculators trimmed their positions owing to weak demand at the spot market.

At the Multi Commodity Exchange, nickel for delivery in October declined by Rs 12.50, or 1.04 per cent, to Rs 1,186 per kg in a business turnover of 5,810 lots.

Similarly, the metal for delivery in November slumped by Rs 10.60, or 0.89 per cent, to Rs 1,174.20 per kg in 690 lots.

Analysts said, muted demand from alloy makers in spot market mainly weighed on nickel future prices here.

Zinc

Zinc prices fell by 15 paise to Rs 184.40 per kg in futures trade on Wednesday as speculators cut bets, driven by easing demand at the spot market.

At the Multi Commodity Exchange, zinc contracts for October delivery moved down by 15 paise, or 0.08 per cent, to Rs 184.40 per kg in a business turnover of 1,273 lots.

Similarly, the metal for delivery in November was trading lower by 30 paise, or 0.16 per cent, at Rs 187.35 per kg in 230 lots.

Analysts said offloading of positions by traders owing to slackened demand from consuming industries in the physical market mainly weighed on zinc prices in futures trade.

Copper

Copper futures traded 0.24 per cent lower at Rs 437.85 per kg on Wednesday as investors reduced their bets, taking weak cues from global markets.

Traders said apart from subdued trend overseas, weak demand at spot market mainly pushed down copper prices.

On the Multi Commodity Exchange, copper contracts for October delivery shed Rs 1.05, or 0.24 per cent, to Rs 437.85 per kg in 2,217 lots.

Similarly, copper contracts for November delivery traded down by Rs 1.06, or 0.24 per cent, at Rs 442.80 per kg in 336 lots.

Globally, copper fell 0.17 per cent to $5,818 per tonne on the London Metal Exchange.

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