Base metals prices, led by copper recovered up to Rs 5 per kg in the local non-ferrous metals market today on emergence of buying on the back of firming trend at the London Metal Exchange.
Trading sentiment turned better after copper climbed in London, leading gains in base metals, as the dollar fell on speculation the Federal Reserve will keep interest rates near zero for longer in order to support a recovery in the world’s largest economy.
Marketmen said apart from a firming trend at the London Metal Exchange, fresh buying by stockists on pick up in demand from the consuming industries mainly led to a rise in base metal prices.
Meanwhile, copper for three-month delivery rose 2.6 per cent to $6,684 and nickel by 1.7 per cent to $19,600 a metric tonne on the London Metal Exchange.
Copper wire scrap, copper wire bar and copper mixed scrap were up by Rs 2 each to Rs 357, Rs 376 and Rs 335, while nickel (4x4) gained Rs 5 to Rs 879-993 per kg, respectively. Zinc ingot, lead ingot and lead imported were also traded higher by Rs two each to Rs 124, Rs 119 and Rs 122 per kg.
Following were today's quotations in Rs per kg:
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Tin ingot 795, zinc ingot 124.00, nickel plate (4x4) 879-993, gun metal scrap 226 bell metal scrap 228, copper wire scrap 357, copper wire bar 376, copper mixed scrap 335.00, Utensil scrap 224, Chadripital 175
Lead ingot 119, lead imported 122, aluminium ingots 102, sheet cutting 103, aluminium wire scrap 100 and aluminium utensils scrap 100