Copper, Nickel, Tin and Lead futures settle at higher prices

Ahmedabad, Mar 2 (UNI) Futures contract in copper, nickel, tin and lead in February series settled at higher prices than the January series as traded on National Multi-Commodity Exchange (NMCE) terminals, while aluminium and zinc dipped over the same period.

The February series at which the six base metals contracts settled at NMCE (with January prices within brackets) are as follows: Copper Rs 271 (249), nickel Rs 1,929 (1,814), tin Rs 607 (544), lead Rs 86 (76), aluminium Rs 127 (128) and zinc Rs 157 (164).

These metals are traded in lots (units) of one or two metric tonnes, varying from commodity to commodity, but the prices are quoted in Rs/kg. The prices are settled at the average of the last five trading days of the series.

The volume and turnover of these metals as traded at NMCE also registered a sharp rise during February, particularly aluminum 15,608 lots worth Rs 394.89 cr, respectively, copper 11,290 lots worth Rs 288.37 cr, zinc 2,656 lots worth Rs 202.06 cr, tin 3,756 lots worth Rs 114.37 cr.

In intra-day trading, the March series in aluminium had hit a high of 1,612 lots valued at Rs 41 crore on February 24, copper 1,196 lots worth Rs 31.14 cr on February 20, nickel 480 lots worth Rs 23 70 cr on February 27, lead 400 lots worth Rs 24.52 cr on February 15, tin 684 lots worth Rs 21.27 cr and zinc 652 lots worth Rs 51.56 cr, both on February 28.

With the expiry of February series on Wednesday, NMCE launched new series in all these six metals from Thursday, which will expire on May 31, 2007. These non-ferrous metals are at present traded in different monthly contracts on NMCE terminals, up to three months in advance, each expiring on the last trading day of respective calendar month.

Similarly, Raw Jute February series settled at Rs 1,233 per quintal at NMCE, on the basis of the average of the prices quoted on the last three days of trading.

At present, NMCE provides electronic platform for futures trading in about 190 series in 70 commodities, including bullion, spices, plantation, oilseeds, edible oils, non-edible oils, sugar, gur, pulses and other food grains.

UNI