Base Metals: Copper, nickel decline in futures trade amid subdued demand

Copper futures on Friday traded 0.17 per cent lower at Rs 434.85 per kg as participants reduced their holdings on subdued spot demand.

On the Multi Commodity Exchange, copper contracts for February delivery fell by 75 paise, or 0.17 per cent, to Rs 434.85 per kg in a business turnover of 3,226 lots.

Traders said subdued demand in spot market mainly pushed down copper prices here.


Nickel


Nickel prices on Friday declined by Rs 5.80 to Rs 955.50 per kg in futures trade due to reducing of positions by speculators amid sluggish demand at spot market.

On the Multi Commodity Exchange, nickel contracts for February delivery fell by Rs 5.80, or 0.60 per cent, to Rs 955.50 per kg with a business turnover of 2,316 lots.

Similarly, nickel contracts for March delivery dropped by Rs 5.60, or 0.58 per cent, to Rs 953.80 per kg in 29 lots.

Analysts said subdued demand in spot market mainly led to fall in nickel prices here.

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