Base metal prices edged up today as speculators enlarged their positions on positive cues from the Asian and global markets.
A rise in demand at spot markets also helped base metals trade higher at futures trade today, analysts said.
At the MCX, lead for delivery in June traded 70 paise, or 0.66% higher, at Rs 106.15 per kg, in a turnover of 1,127 lots.
Benchmark copper contract was up Rs 2.30 or 0.56% to Rs 415.30 per kg, with a turnover of 746 lots. The June contract also rose to trade at Rs 106.85 per kg in a turnover of 64 lots.
Meanwhile, the zinc futures contract for the month of June edged higher by 60 paise, or 0.58%, to Rs 104.80 per kg, with a trading volume of 571 lots.
The nickel contract for delivery in July was trading higher by Rs 7, or 0.78%. to Rs 899.20 per kg, with a business turnover of 178 lots.
Apart from a rise in demand in the spot markets, analysts attributed the rise in base metal prices to a firming trend in the international markets.
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Copper, in China at the Shanghai Futures Exchange gained momentum today on hopes that policy makers from the G7 leading industralised powers will soon work out measures to ease the Eurozone debt crisis.
The Finance chiefs of the Group of Seven leading industrialized powers are slated to hold emergency talks on the euro zone debt crisis on Tuesday in a sign of heightened global alarm about strains in the 17-nation European currency area.
However, the upside in base metal futures today would be capped in the absence of trading at the London Metal Exchange, which is to remain closed for the Queen's Diamond Jubilee Holiday on June 4-5.
In the domestic market, the rupee strengthened against the dollar to a one-week high which will also keep local base metal prices capped.