Commodity roundup: Aluminium rises 0.32%, copper up 0.38%, nickel falls

Aluminium

Aluminium prices moved up by 0.32 per cent to Rs 124.30 per kg in futures trade as speculators built up fresh positions after pickup in demand in the spot market.

At the Multi Commodity Exchange, aluminium for delivery in March edged up by 40 paise, or 0.32 per cent to Rs 124.30 per kg in business turnover of 180 lots.

On similar lines, the metal for delivery in April contracts was up by 30 paise, or 0.24 per cent to Rs 124.50 per kg in 1 lot.

Analysts said participants created fresh positions on pick up in demand from consuming industries in the spot market and a firm trend in base metals overseas, mainly influenced aluminium prices at futures trade.

Copper

Copper futures traded 0.38 per cent higher at Rs 386.90 per kg as speculators enlarged bets, largely in step with a firming trend in base metals at the London Metal Exchange (LME).

At the Multi Commodity Exchange, copper for delivery in April rose Rs 1.45, or 0.38 per cent, to Rs 386.90 per kg, in a turnover of 669 lots.

Metal for delivery in far-month June also rose Rs 1.10, or 0.28 per cent, to trade at Rs 390.90 per kg, with trade volume of two lots.

Analysts said gains in copper and other metals overseas and rising demand at the domestic spot markets influenced metal prices at futures trade.

Globally, copper added 1.2 per cent to USD 5,798 per tonne at the LME.

Lead

Tracking a firming trend at the domestic markets on better demand, lead futures traded higher by 0.70 per cent to Rs 151.05 per kg today on increased positions built up by speculators.

At the Multi Commodity Exchange, lead for delivery in March traded higher by Rs 1.05, or 0.70 per cent, to Rs 151.05 per kg in a business turnover of 391 lots.

The metal for delivery in April was up by 95 paise, or 0.63 per cent, to Rs 151.50 per kg in two lots.

Market analysts said better demand from battery-makers in spot market mainly helped lead prices trade a shade higher in futures market.

Tracking a firming trend at the domestic markets on better demand, lead futures traded higher by 0.70 per cent to Rs 151.05 per kg today on increased positions built up by speculators.

At the Multi Commodity Exchange, lead for delivery in March traded higher by Rs 1.05, or 0.70 per cent, to Rs 151.05 per kg in a business turnover of 391 lots.

The metal for delivery in April was up by 95 paise, or 0.63 per cent, to Rs 151.50 per kg in two lot.

Market analysts said better demand from battery-makers in spot market mainly helped lead prices trade a shade higher in futures market.

Nickel

Nickel futures traded 0.04 per cent down at Rs 675.10 per kg today amid sluggish demand from alloy-makers in the domestic spot market.

At the Multi Commodity Exchange, nickel for delivery in current month shed 30 paise, or 0.04 per cent, to Rs 675.10 per kg in a business turnover of 614 lots.

On similar lines, metal for delivery in April shed 10 paise, or 0.01 per cent, to trade at Rs 681.20 per kg in 34 lots.

Market analysts said the fall in nickel prices was mostly in line with a weak trend in the base metals due to sluggish demand from alloy-makers at the domestic spot markets.

Gold

Amid a weakening global trend, gold futures traded Rs 19 down at Rs 28,308 per 10 grams today as speculators cut down their bets.

Gold for delivery in far-month June shed Rs 19 or 0.07 per cent to Rs 28,308 per 10 grams in a business turnover of six lots at the Multi Commodity Exchange.

In a similar fashion, the metal for delivery in April was trading lower by Rs 13 or 0.05 per cent to Rs 28,238 per 10 grams in 211 lots.

Market analysts said the fall in gold futures was mostly in tune with a weak trend overseas as investors weighed the outlook for US interest rate increase.

Meanwhile, gold prices fell by 0.07 per cent to USD 1,202.80 an ounce in Singapore.

Source – economictimes.indiatimes.com