Base metals: Copper, zinc slip on profit booking
Copper prices slipped 0.40 per cent to Rs 463 per kg in futures trade today as speculators booked profits amid easing demand in domestic spot markets.
At the Multi Commodity Exchange, copper for delivery in February declined by Rs 1.85, or 0.40 per cent, to Rs 463 per kg in turnover of 1,452 lots.
Similarly, the metals April contracts traded lower by Rs 1.65, or 0.35 per cent, at Rs 466.10 per kg in 5 lots.
Analysts said besides profit-booking by participants, fall in demand from consuming industries in the physical market also weighed on futures prices.
Nickel ( commodity tips today free )
Nickel prices edged 1.03 per cent lower to Rs 766 per kg in futures market today as speculators cut bets on account of tepid demand in the spot market.
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At the Multi Commodity Exchange, nickel for delivery in January fell Rs 8, or 1.03 per cent, to Rs 766 per kg in business turnover of 753 lots.
Similarly, the metals contracts for delivery in December shed Rs 6.30, or 0.82 per cent, to trade at Rs 761.40 per kg in 1,126 lots.
Zinc ( best commodity tips provider )
Zinc prices slipped 0.41 per cent to Rs 208.40 per kg in futures market today as speculators trimmed positions, taking negative cues from the spot market on subdued demand.
At the Multi Commodity Exchange, zinc for delivery in December traded lower by 85 paise, or 0.41 per cent, to Rs 208.40 per kg in business turnover of 5,963 lots.
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Likewise, the metal for delivery in January contracts edged 65 paise, or 0.31 per cent, lower to Rs 208.45 per kg in 2,945 lots.
Analysts said the weakness in futures trade was mostly due to offloading of positions by speculators amid weak trend in the domestic spot markets on easing demand.
Analysts said, low demand from alloy-makers in the physical market led to offloading of positions by participants in futures trade.