Trimming of positions by participants leads to subdued demand in gold and silver futures
Gold prices fell by Rs 57 to Rs 47,405 per 10 gram in futures trade on Tuesday as speculators reduced their positions amid low demand.On the Multi Commodity Exchange, gold contracts for June delivery traded lower by Rs 57, or 0.12 per cent, at Rs 47,405 per 10 gram in a business turnover of 10,887 lots. Analysts attributed the fall in gold prices to trimming of positions by participants. However, globally, gold traded 0.07 per cent higher at $1,781.40 an ounce in New York.
Silver futures on Tuesday dropped Rs 30 to Rs 68,650 per kg as participants reduced their bets on low demand. On the Multi Commodity Exchange, silver contracts for May delivery tumbled by Rs 30, or 0.04 per cent, to Rs 68,650 per kg in a business turnover of 7,874 lots. Globally, Silver traded higher by 0.14 per cent at $ 26.29 per ounce in New York.
Aluminium prices rose 0.33 per cent to Rs 195.45 per kg in the futures trade on Tuesday as speculators built up fresh positions amid a positive trend in the spot market. On the Multi Commodity Exchange, aluminium contracts for May delivery gained 65 paise, or 0.33 per cent, to Rs 195.45 per kg in a business turnover of 2,246 lots. Analysts said creation of fresh positions by traders on demand from consumer industries supported aluminium prices in the futures market.
Copper prices on Tuesday traded up 1.57 per cent at Rs 767.40 per kg in the futures market on the back of pick-up in spot demand. On the Multi Commodity Exchange, copper contracts for delivery in May traded higher by Rs 11.85, or 1.57 per cent, at Rs 767.40 per kg in a business turnover of 4,884 lots. Analysts attributed the rise in copper prices to raising of bets by participants driven by pick-up in spot demand.
Zinc prices rose by 0.23 per cent to Rs 236.20 per kg in futures trade on Tuesday tracking a firm trend in physical markets on the back of a pick-up in spot demand. On the Multi Commodity Exchange, zinc contracts for May delivery traded higher by 55 paise, or 0.23 per cent, to Rs 236.20 per kg with a business turnover of 2,337 lots. Marketmen said widening of positions by participants following a pick-up in demand from consuming industries kept zinc prices higher in futures trade.
Nickel prices rose by 1.5 per cent to Rs 1,275.10 per kg in futures trade on Tuesday as speculators built fresh positions on rising demand from alloy makers in the spot market.
On the Multi Commodity Exchange, nickel contracts for May delivery gained Rs 18.90, or 1.5 per cent, to Rs 1,275.10 per kg in a business turnover of 1,453 lots. Rise in demand in the spot market from alloy makers mainly supported the price rise in nickel futures, analysts said.