Base Metals: Nickel trades down, copper trades up in futures trade

By in Commodity News on February 12, 2020 7:10 pm
Nickel prices on Wednesday declined by Rs 5.30 to Rs 946.80 per kg in futures trade due to reducing of positions by speculators amid sluggish demand in spot market.

On the Multi Commodity Exchange, nickel contracts for February delivery fell by Rs 5.30, or 0.56 per cent, to Rs 946.80 per kg with a business turnover of 5,283 lots.

Similarly, nickel contracts for March delivery dropped by Rs 3.20, or 0.34 per cent, to Rs 949.20 per kg in 88 lots.

Analysts said subdued demand in spot market mainly led to fall in nickel prices here.

Copper prices on Wednesday traded up by 0.06 per cent at Rs 434 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 25 paise, or 0.06 per cent, at Rs 434 per kg in a business turnover of 2,660 lots.

Similarly, the metal for delivery in March edged up by 65 paise, or 0.15 per cent, to Rs 436.15 per kg in 104 lots.

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