Base Metals: Copper, zinc, nickel futures fall on subdued global cues

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New Delhi: Copper futures traded 0.39 per cent decrease at Rs 454.15 per kg on Tuesday as buyers diminished their bets, taking weak cues from the global market.

Traders stated aside from subdued pattern abroad, weak demand at spot market primarily pushed down copper costs.

On the Multi Commodity Exchange, copper contracts for September supply shed Rs 1.80, or 0.39 per cent, to Rs 454.15 per kg in a enterprise turnover of 1,726 heaps.

Similarly, copper contracts for October supply traded down by Rs 2.20, or 0.48 per cent, to Rs 455.45 per kg in a enterprise turnover of 109 heaps

In the worldwide market, the metallic was quoting decrease by 0.90 per cent to $263.15 per pound in New York.

Zinc

Zinc costs traded decrease by 0.48 per cent to Rs 185.40 per kg in futures commerce on Tuesday resulting from offloading of positions by speculators amid subdued global pattern.

Zinc contracts for September supply fell by 90 paise, or 0.48 per cent, to Rs 185.40 per kg in a enterprise turnover of 1,602 heaps on the Multi Commodity Exchange.

Similarly, the metallic contracts for October supply fell by 80 paise, or 0.42 per cent, to Rs 188.10 per kg in 153 heaps.

On the London Metal Exchange, zinc fell as a lot as 0.84 per cent to $2,365 per tonne.

Nickel

Nickel futures declined by Rs 16.80 at Rs 1,209 per kg on Tuesday resulting from decreasing of positions by speculators amid sluggish demand on the spot market.

On the Multi Commodity Exchange, nickel contracts for September supply fell by Rs 16.80, or 1.37 per cent, to Rs 1,209 per kg with a enterprise turnover of 9,200 heaps.

Similarly, nickel contracts for October supply fell by Rs 15.40, or 1.25 per cent, to Rs 1,214.50 per kg in 576 heaps.

Analysts stated subdued demand on the spot market primarily led to the fall in nickel futures costs.

Lead

Lead futures fell by Re 1 at Rs 154.40 per kg in futures commerce on Tuesday resulting from subdued demand on the bodily market, .

On the Multi Commodity Exchange, result in be delivered in September traded decrease by Re 1, or 0.64 per cent, at Rs 154.40 per kg in a enterprise turnover of 1,675 heaps.

Similarly, lead contracts for October supply declined by 70 paise, 0.42 per cent, to Rs 155.05 per kg in a enterprise turnover of 32 heaps.

Analysts stated low demand from battery-makers within the spot market primarily led to fall in lead costs at futures commerce.