Copper, nickel rises on global cues

Copper and nickel prices rose by Rs 5 per kg on the local non-ferrous metal market today, tracking firming trend overseas.  

Sentiment in copper remained bullish as the metal jumped to a record on the London Metal Exchange (LME) and advanced to a 3.5-year high in Shanghai on speculation that global supplies will fail to keep pace with demand as the global economy extends a recovery.

Meanwhile, copper for three-month delivery in London gained 1.3 per cent to $9,728 a tonne, catching up with yesterday’s rise to an all-time high in New York as the LME reopened after a holiday.

Copper wire scrap, copper wire bar and copper mixed scrap remained in demand and added another Rs 5 each Rs 483, Rs 507 and Rs 468, respectively, while nickel (4x4) followed suit and traded by the same margin to Rs 1,027-1,029 per kg, respectively.

Following were today's quotations in Rs per kg:

Tin ingot 820, zinc ingot 134.50, nickel plate (4x4) 1,027-1,029, gun metal scrap 226 bell metal scrap 228, copper wire scrap 483, copper wire bar 507, copper mixed scrap 468, Utensil scrap 224, Chadripital 175

Lead ingot 139, lead imported 141, aluminium ingots 102, sheet cutting 105, aluminium wire scrap 102 and aluminium utensils scrap 102.