Base Metals are being traded solid on Tuesday with a slightly positive bias on account of the weaker rupee. London Metal Exchange (LME) Copper is trading at USD 6,458.75, down 0.27% while Nickel is down over 1% at USD 10,507.50. Zink and Lead is trading sharply higher with both gaining near to 1.00 % each. Copper and Nickel collectively trading into a range-bound and directional movement is not probable unless prices break out of the current range. However, Nickel prices were down by 1.02 % at Rs 679.90 per kg in futures trade today since participants locked in gains in spite of subdued demand at the spot market.
At MCX, nickel for delivery in the current month was trading lower by Rs 7, or 1.02%, to Rs 679.90 per kg in a business turnover of 1,186 lots. The metal for delivery in October month also lost Rs 6.80, or 0.98%, to Rs 686.40 per kg in a turnover of 70 lots.
Meantime, Gold held steady today after rising 115 points or 0.38% to 30,154 amid growing worries prevailing North Korea and as the USD eased from near 3-week highs. The gold for expiry on the far month of December inched up 104 points or 0.34% to 30,289 in early trade today.