Copper futures rose 0.26 per cent to Rs 36.40 per kg today as participants widened their bets, taking positive cues from the spot market on pick-up in demand. At Multi Commodity Exchange, copper for delivery in the current month contract was trading higher by 95 paisa or 0.26 per cent, to Rs 36.40 per kg with a turnover of 309 lots. The metal for delivery in far-month August contract was up by 70 paisa or 0.19 per cent, to Rs 370.30 per kg with a trade volume of 25 lots. Market analysts attributed the rise in copper futures trade to widening of positions triggered by a firm trend at the physical market.
Supported by an upsurge in demand from consuming industries at domestic spot market, zinc prices traded higher by 0.62 per cent to Rs 171.30 per kg in futures market today as participants built up fresh positions. Zinc is in strong uptrend and the trend is supported with good volume the open interest is not increasing with trend. Cautious point is buying at higher levels seems decreasing. The oscillator is showing buy signal for short term the current position is buying. Support for the Zinc is 166. Immediate resistance for Zinc is 180.
Nickel futures gain 0.36% on rising demand amid rising demand from consuming industries at the domestic spot markets, nickel prices strengthened by 0.36 per cent to Rs 607.70 per kg in futures trade today as participants enlarged their bets. Analysts said widening of positions by participants, tracking a firm trend at the spot market on rising demand from alloy-makers mainly attributed the rise in nickel prices at futures trade