Base metals: Nickel, aluminium, zinc rise on high demand

29 May 2017

Nickel prices rose 0.60 per cent to Rs 585.50 per kg in futures trading today as participants raised their bets amid pick up in industrial demand at the domestic spot markets.

At the Multi Commodity Exchange, nickel for delivery in May month went up by Rs 3.50, or 0.60 per cent to Rs 585.50 per kg in business turnover of 947 lots. Similarly, the metal for delivery in June month contracts traded higher by Rs 3.10, or 0.53 per cent to Rs 591.20 per kg in 593 lots.

Analysts said widening of positions by traders on the back of pickup in demand from alloy-makers in the spot market supported nickel prices at futures trade.

Aluminium: Amid pickup in demand at domestic spot market, aluminium prices were up by 0.24 per cent to Rs 126.60 per kg in futures trade today as speculators built up fresh positions.

At the Multi Commodity Exchange, aluminium for delivery in May edged up by 30 paise, or 0.24 per cent, to Rs 126.60 per kg, in a business turnover of 209 lots.

Likewise, the metal for delivery in June traded higher by 25 paise, or 0.20 per cent, to Rs 126.60 per kg in 53 lots. Analysts said fresh positions created by participants after uptick in demand from consuming industries in the spot market mainly led to the rise in aluminium prices at futures trade.

Zinc : Supported by an upsurge in demand from consuming industries at domestic spot market, zinc prices moved up by 0.21 per cent to Rs 169.90 per kg in futures market today as participants created fresh positions.

At the Multi Commodity Exchange, zinc for delivery in May edged up by 35 paise, or 0.21 per cent, to Rs 169.90 per kg, in a business turnover of 472 lots.

Likewise, the metal for delivery in June traded higher by 15 paise, or 0.09 per cent, to Rs 170.30 per kg in 35 lots. Analysts said fresh positions built up by participants, tracking a firm at the domestic spot market on pick up in demand from consuming industries, mainly influenced zinc prices at futures trade.

Lead :  Lead prices edged higher 0.41 per cent to Rs 134.80 per kg in futures trading today as speculators built up fresh positions amid pick up in domestic demand.

At the Multi Commodity Exchange, lead for delivery in May traded higher by 55 paise, or 0.41 per cent, to Rs 134.80 per kg, in a business turnover of 396 lots.

On similar lines, the metal for delivery in June was trading up by 50 paise, or 0.37 per cent, to Rs 135.90 per kg in 40 lots. Analysts attributed the rise in lead futures to fresh positions created by traders due to pick up in demand from battery-makers at the spot market.

Source – ET