Base metals strengthened by up to Rs 3 per kg in the local non-ferrous metal market today on increased industrial demand driven by a firming trend at the London Metal Exchange.
Trading sentiments remained good after copper in London climbed as banks from Goldman Sachs Group to JPMorgan Chase & Co. Backed the metal's prospects amid signs of improving demand. Besides, increased industrial demand further fuelled the uptrend.
Meanwhile, copper for three-month delivery rose by 1.1% to $8,958 a metric tonne on the London Metal Exchange.
In the national capital, copper wire scrap, copper wire bar and copper mixed scrap remained in demand and added another Rs 2 each to Rs 507, Rs 530 and Rs 490, respectively.
Nickel (4x4) followed suit and traded higher by Rs 3 to Rs 1,058-1,060 per kg. Zinc ingot, lead ingot and lead imported were also enquired higher by a rupee each to Rs 137.50, Rs 144 and Rs 147 per kg, respectively.
Following were today's quotations Rs per kg:
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Tin ingot 845, zinc ingot 137.50, nickel plate (4x4) 1,058-1,060, gun metal scrap 226 bell metal scrap 228, copper wire scrap 507, copper wire bar 530, copper mixed scrap 490, Utensil scrap 224, Chadripital 175
Lead ingot 144, lead imported 147, aluminium ingots 109, sheet cutting 110, aluminium wire scrap 110 and aluminium utensils scrap 107