Nickel, lead, tin close higher at NMCE; aluminium, copper, zinc down

Ahmedabad, Jun 5 (UNI) The May-2007 series in nickel, lead and tin as traded on the National Multi-Commodity Exchange (NMCE) terminals settled at higher prices than the April-2007 series, whereas that in aluminum ingot, copper and zinc dipped over the same period.

The May-2007 contract in nickel settled at Rs 2080.10 as against Rs 2052.60 of the previous series, lead at Rs 89.90 as compared to Rs 81.5, and tin at Rs 573.70 as compared to Rs 558.90.

On the other hand, May-2007 series in aluminium settled at Rs 111.60, down from Rs 115 of the April-2007 series, copper settled at Rs 294 as compared to Rs 321.80, and zinc at Rs 148 as against Rs 151.30 of the previous series.

These six base metals are traded at NMCE in lots (units) of one or two metric tonnes, varying from commodity to commodity, but the prices are quoted in Rs per kg. The prices are settled by averaging out the closing prices of the commodity during the last five trading days of the delivery month.

These non-ferrous commodities 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.

Raw jute futures in May-2007 series that also expired last month-end at NMCE was squared off at Rs 1107.60, down from Rs 1,125.90 of the April-2007 series.

The delivery centre for each metal, as per specified quality, is at the bonded warehouse of Central Warehousing Corporation (CWC) near Mumbai and that for raw jute is CWC warehouse near Kolkata.

Meanwhile, NMCE has launched new series in aluminium, copper, lead, nickel premium, tin, zinc and raw jute. The new series in the six non-ferrous base metals will expire on August 31 and that in raw jute on October 30, 2007.

UNI