BASE METAL PRICES RISE ON SPOT DEMAND, NICKEL UP BY 1.22%

Commodity prices opened mixed on Friday, continuing the trend from the previous session. Crude oil, base metals traded higher in early morning session. Currently, Crude oil stood as top gainer, gained by 1.50% while Kapas was top loser at MCX.

Base metal commodities traded positively after a negative close in previous session. A stronger dollar put pressure on base metals along with demand growth concerns over lockdown in Germany and other parts of the Europe. On Today, base metals move up side due to spot demand. Nickel Apr future was trading higher by 1.22% at Rs. 1194 per kg. Copper, Zinc, Aluminium, Lead were trading higher by 0.91%, 0.78%, 0.31%, 0.03% respectively.

Oil prices reversed a sharp sell-off a day earlier to rise over 1% on Friday on mounting fears that it could take weeks to dislodge a giant container ship blocking the Suez Canal, which would squeeze supplies of crude and refined products.