Base metals: Zinc, copper trade higher on firm demand

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Zinc prices were marginally higher by 0.16 per cent to Rs 188.95 per kg in futures trade Friday after participants enlarged their bets amid increased demand at domestic spot markets. At the Multi Commodity Exchange, zinc for delivery in February rose by 30 paise, or 0.16 per cent, to Rs 188.95 per kg in a business turnover of 68 lots.

Also, the metal to be delivered in January gained 20 paise, or 0.11 per cent, to trade at Rs 188.10 per kg in a business turnover of 381 lots. Market analysts said a firming trend in base metals at the London Metal Exchange (LME) and pick up in domestic demand led to the rise in zinc prices at futures trade here Copper futures traded 0.74 per cent higher to quote at Rs 419.85 per kg Friday as traders enlarged their bets, taking positive cues from global markets.

At the Multi Commodity Exchange, copper for delivery in February traded higher by Rs 3.05, or 0.74 per cent, at Rs 419.85 per kg in a business turnover of 852 lots. Similarly, copper for April contracts was trading higher by Rs 2.60, or 0.62 per cent, at Rs 423.90 per kg in a business turnover of 97 lots.

Marketmen said the rise in copper prices at futures trade was mostly supported by a firming trend at the London Metal Exchange (LME) after a forecast of drop in output in 2019.

Globally, at the LME three-month copper had inched up 0.3 per cent to USD 5,939.50 per tonne, after closing down 0.5 per cent in the previous session.

The most-traded March copper contract on the Shanghai Futures Exchange was down 0.1 per cent at 47,340 yuan (USD 6,974.79) a tonne.

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