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Copper and nickel futures traded higher on the Multi Commodity Exchange (MCX) on Friday morning in line with the rise in global prices..
February copper futures were trading at ₹768.25 on MCX during the initial hours of trading on Friday against the previous close of ₹766.45, up by 0.23 per cent. The three-month copper contracts on LME (London Metal Exchange) were trading at $9,980.50, up by 0.52 per cent.
Reports said that MMG Ltd may stop production at its Las Bambas copper mine in Peru by February 20 since the local community has blocked a road used by the miner. This has made the company to reduce operations. Stocks held in warehouses approved by LME stood at 70,125 tonnes. Reports noted that this is the lowest stock since November 2005.
On MCX, February nickel futures were trading at ₹1,808.60 in the initial hour of Friday morning against the previous close of ₹1,805.90, up by 0.15 per cent.
The three-month nickel futures on LME (London Metal Exchange) were trading at $24,070, up by 0.77 per cent.
Reports attributed this to the demand from the stainless steel and battery industries, as there is decline in inventories. Added to this, smelters have been forced to cut the output due to high costs of energy. This had led to the decrease in the supply in a tight market situation.
February aluminium futures were trading at ₹261.05 on MCX in the initial hour of Friday morning against the previous close of ₹261.55, down by 0.19 per cent.
On the National Commodities and Derivatives Exchange (NCDEX), March steel long contracts were trading at ₹49500 in the initial hour of Friday morning against the previous close of 48,500, up by 2.06 per cent.
Kapas slip
April kapas (raw cotton) futures were trading at ₹2,023 on NCDEX in the initial hour of Friday morning against the previous close of ₹2,025.50, down by 0.12 per cent.
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