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Base metals: Nickel, aluminium remain up on rising demand
Date: 22/06/2017

Nickel prices went up by 0.19 per cent to Rs 578.40 per kg in futures trade today as speculators raised their bets, driven by pick-up in demand at the domestic spot markets. In futures trading at the Multi Commodity Exchange, nickel for delivery in July month spurted Rs 1.10, or 0.19 per cent, to Rs 578.40 per kg, in a business turnover of 84 lots. The metal for delivery in current month was trading higher by 70 paise, or 0.12 per cent, to Rs 572.90 per kg in 757 lots. Analysts said expanding of positions by speculators supported by a rising demand from alloy-makers at the domestic spot markets, helped nickel futures to trade higher. Aluminium Aluminium remained higher and prices rose by another 0.12 per cent to Rs 121.60 per kg in futures trading today as speculators engaged in largeing their positions, taking positive cues from spot market on strong demand. At the Multi Commodity Exchange, aluminium for delivery in June month edged up by 15 paise, or 0.12 per cent to Rs 121.60 per kg in business turnover of 111 lots. Similarly, the metal for delivery in July was enquired higher by a similar margin to Rs 122.10 per kg in 6 lots. Analysts said widening of positions by traders, driven by rising demand from consuming industries in the physical market mainly kept aluminium prices higher at futures trade. Zinc Zinc traded higher by 0.27 per cent to Rs 165.35 per kg in futures trade today as speculators raised their bets. At the Multi Commodity Exchange, zinc for delivery in June month edged up by 45 paise, or 0.27 per cent to Rs 165.35 per kg in business turnover of 1124 lots. Metal for delivery in July contracts traded higher by a similar margin to Rs 165.80 per kg in 89 lots. Analysts said expanding of positions by participants on the back of uptick in demand from consuming industries in the spot market, mainly attributed the rise in zinc prices at futures trade.

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