Base metals trade in range

REVIEW/ BASE METALS

The local base metals market traded the week within range. However, copper closed higher across the board, with the ongoing supply crunch in the London Metal Exchange (LME) inventories, and increasing demand for the metal both in India and globally. While, Tin slabs was the only metal that witnessed a decline prices.

Locally, the price of nickel cathodes rose to close at Rs 770 per kilogram, from Rs 780 on Monday. Copper wire bars rose to Rs 220 from Rs 216 on Monday. Copper heavy scraps closed at Rs 197 on Monday from Rs 192 last week.

Copper utensil closed at Rs 171, up Rs 3 from last week's Rs 168, and brass utensil scraps displayed similar movement and closed at Rs 129, up Re1 from Rs 128 last week. Brass sheet cutting closed at Rs 137 on Monday, from Rs 135, and Aluminium utensil scraps closed at the same as last week at Rs 84.

The price had minorly fluctuated to Rs 84.50 on Tuesday, and Rs 83.50 on Friday before falling back. The price of aluminium ingots closed minorly higher at Rs 101, from Monday's Rs 100 and lead ingots closed at Rs 53 from Rs 52.

Zinc slabs closed at Rs 79 up by Rs 2 from last week. Tin slabs closed a tad lower, at Rs 418 from Rs 422 the previous week.

Copper light scraps traded at Rs 190 from Rs 184 and Copper sheet cutting closed at Rs 185 from Rs 181.