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Base metals: Copper, nickel rise on jump in demand
Date: 12/07/2017

Amid pick up in demand at domestic spot market, copper prices edged higher by 0.29 per cent to Rs 385.70 per kg in futures trade today as traders built up fresh positions. However, the metal retreated overseas on concerns over rising inventories. At Multi Commodity Exchange, copper for delivery in far-month November inched up by Rs 1.10 or 0.29 per cent to Rs 385.70 per kg in business turnover of 91 lots. Likewise, the metal for delivery in August contracts traded higher by 60 paise, or 0.16 per cent to Rs 379.85 per kg in 4,6253 lots. Analysts said pick up in demand from consuming industries in the spot market mainly supported the upside in copper futures here but weak trend in overseas markets capped the gains. Globally, copper for three-month delivery ended 0.10 per cent down at USD 5,824 per tonne at the London Metal Exchange in yesterday's trade. Nickel Nickel prices rose by 0.55 per cent to Rs 589.40 per kg in futures trade today as participants widened their bets, driven by pick up in demand in the spot market. At the Multi Commodity Exchange, nickel for delivery in August moved up by Rs 3.20 or 0.55 per cent to Rs 589.40 per kg in business turnover of 195 lots. Similarly, the metal for delivery in July contracts edged up by Rs 3.10 or 0.53 per cent to Rs 584.40 per kg in 3,972 lots. Analysts attributed rise in nickel futures to building-up of positions by traders due to pick up in demand from alloy- makers in the spot market.

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