New Delhi: Copper futures traded 0.45 per cent lower Wednesday as speculators cut down their positions at prevailing levels to book profits amid muted spot demand.On the Multi Commodity Exchange , copper for delivery in June contracts fell by Rs 1.85, or 0.45 per cent, to Rs 408.35 per kg with a business turnover of 27,288 lots.Traders said, the fall in copper prices at futures trade was mostly due to profit-booking by speculators and subdued demand at spot market.Lead prices were trading down by 0.96 per cent to Rs 154.55 per kg in futures trade Wednesday after participants booked profits amid subdued demand at the spot market.At the Multi commodity Exchange, lead for delivery in June contracts was trading down by Rs 1.50, or 0.96 per cent, to Rs 154.55 per kg in a business turnover of 3,970 lots.Analysts attributed the fall in lead prices at futures trade to profit-taking by players at current levels coupled with low demand at the spot market.Moreover, the metal to be delivered in July traded lower by Rs 1.10, or 0.71 per cent, to Rs 152.90 per kg in a business turnover of 473 lots.Nickel prices fell by 0.52 per cent to Rs 865.70 per kg in futures trade Wednesday as speculators cut down their positions, taking negative cues from spot market on muted demand from consuming industries.At the Multi Commodity Exchange, nickel for delivery in June fell by Rs 4.50, or 0.52 per cent, to Rs 865.70 per kg in a business turnover of 7,913 lots.Similarly, the metal for July delivery traded lower by Rs 5.10, or 0.59 per cent, to Rs 864.30 per kg in 1,071 lots.Market analysts said offloading of positions by participants, following the fall in demand from alloy makers, influenced nickel prices at futures trade here.Zinc futures traded 0.65 per cent lower to Rs 205.60 per kg on Wednesday as speculators reduced exposure amid subdued demand at the spot market.Zinc for delivery in June contracts fell by Rs 1.35, or 0.65 per cent, to Rs 205.60 per kg at the Multi Commodity Exchange, clocking a business turnover of 4,902 lots.Traders said the weakness in zinc prices at futures trade was mostly due to cutting down of bets by speculators in tandem with a weak trend at the spot market.Similarly, the metal for delivery in July traded 0.61 per cent lower to Rs 202.40 per kg in a business turnover of 797 lots.

Source: Economic Times June 12, 2019 07:41 UTC