Base Metals & Energy
COPPER CRUDE OIL
D A I L Y B U Z Z
Nickel prices moved up by 0.18 per cent to Rs 880.90 per kg in futures market today as speculators
enlarged positions, tracking a firming trend in spot market on increased demand from alloy-makers.
Besides, an encouraging trend copper and other base metals in the global markets supported the upside.
At the Multi Commodity Exchange, nickel for delivery in December gained Rs 1.60, or 0.180 per cent, to Rs 880.90 per kg in business turnover of 216 lots.
In a similar fashion, the metal for delivery in January next year rose by Rs 1.50, or 0.16 per cent, to Rs
889.80 per kg in 28 lots.
Market analysts said apart from increased domestic demand from alloy-makers, firmness in copper and
other base metals at the London Metal Exchange on the back of strong US economic data, also influenced nickel futures here.
Agro Outlook
CHANA DHANIYA
D A I L Y B U Z Z
Soybean futures fell on Friday to their lowest level in nearly three weeks on sluggish demand, while soyoil and rapeseed rose, following gains in overseas palm oil prices and on expectations the government would increase import duty on refined palm oil to support local refiners.
At 0843 GMT, the benchmark March contract on the Bursa Malaysia Derivatives Exchange was up 0.34 per cent at 2,643 ringgit a tonne. The key January soybean contract was down 0.64 percent at 3,797 rupees soybean contract was down 0.64 percent at 3,797 rupees ($61.17) per 100 kg on the National Commodity and Derivatives Exchange, after hitting a low of 3,762 rupees earlier in the day, the lowest since December 9.
"Since export demand is weak for soymeal, traders are cautiously buying soybeans. Indian soymeal is very expensive compared with prices in the world market," said Chowda Reddy, a senior analyst at Inditrade Derivatives and Commodities. A strong rupee makes edible oil imports cheaper, and trims returns of oilmeal exporters. The rupee was trading stronger on Friday.
