In base metal updates on Multi Commodity Exchange (MCX), top three
trading metals in the week pointed to Copper, Aluminum and Nickel. Global markets indicated positive outlook for Copper futures
which added 0.13 percent to copper futures raising their trading
amount to Rs 423.25 for a kg of copper.
Hidden and most
important reason which improved position of copper in the market is
increasing domestic demand in on-spot market trading as its
applicability rose with expansion in industries.
In
international markets, copper with delivery dated three months ahead
moved 0.6 percent up trading at USD 6,879 in London metal exchange.
Further surge in the prices of commodity is citing as it is a
starting point to a growth cycle of prices.
Aluminum futures
rose 0.16 percent trading at Rs 126.30 for a kg of commodity with
delivery marked in future. Traders positioned themselves at a
stronger mark as a further growth in the market is coming, with
analytical charts showing a growth trend.
The main reasoned
behind growing aluminum futures is highlighting firm positioning of
other base metals, especially copper which influenced pricing of
aluminum.
Nickel expanded 0.17 percent in the trading day
today bringing its rate to Rs 1,151.50 per kg in future positions.
Market speculators are spotting expansion in prices with support from
rising demands because of its rising need in making alloys.
Global
market, specifically London Metal Exchange is hiking the prices of
Nickel in a similar fashion.
