Nickel, aluminium, copper, zinc futures fall in prices because of bearish spot market signals
According to HDFC Securities, gold jumped by Rs 146 to Rs 47,110 per 10 gram in the national capital on Friday, after a rise in global precious metal prices. The precious metal had closed at Rs 46,964 per 10 gram in the previous transaction. Silver rose Rs 513 to Rs 70,191 a kilogram, up from Rs 69,678 in the previous transaction.
“Spot gold prices for 24 carat in Delhi rose by Rs 146 with recovery in COMEX (New York-based commodities exchange) gold prices. Gold prices in India traded up on the occasion of ‘Akshaya Tritiya” where buying gold is said to be a good omen,” according to HDFC Securities, Senior Analyst (Commodities), Tapan Patel.
Gold was up $1,834 per ounce on the international market, while silver was unchanged at $27.20 per ounce.
In the futures market, aluminium prices fell by Rs 2.05 to Rs 193.85 per kg as traders cut their positions due to a low trend in the spot market. Zinc futures prices declined 0.15 per cent to Rs 229.30 per kg as speculators trimmed their exposure in response to unfavourable spot market signals. Copper futures fell 0.42 per cent to Rs 776.35 per kg as traders reduced their positions amid weak demand in the local market. Nickel futures prices declined 0.19 per cent to Rs 1,279.60 per kg as traders unloaded their positions due to sluggish demand in the spot market.
On the Multi Commodity Exchange, gold contracts for June delivery traded higher by Rs 104, or 0.22 per cent, at Rs 47,542 per 10 gram in a business turnover of 7,560 lots, silver contracts for July delivery gained Rs 377, or 0.53 per cent, to Rs 70,850 per kg in 10,124 lots, aluminium for delivery in May declined by Rs 2.05, or 1.05 per cent, to Rs 193.85 per kg in 1,504 lots, zinc contracts for May delivery traded lower by 35 paise, or 0.15 per cent, to Rs 229.30 per kg in 1,899 lots, copper contracts for May delivery eased by Rs 3.25, or 0.42 per cent, to Rs 776.35 per kg in a business turnover of 3,736 lots, nickel contracts for May delivery traded lower by Rs 2.40, or 0.19 per cent, to Rs 1,279.60 per kg with a business turnover of 2,068 lots.