Domestic/Non-Ferrous Metals
The domestic non ferrous metals market witnessed a stable trend with most metals remaining steady during the week. Copper and zinc in the group witnessed gains.
Copper heavy scrap improved from Rs 107 to Rs 108 per kilogram and copper wire bar gained from Rs 126.50 to Rs 127. Copper utensil scrap ended steady at Rs 83 after increasing slightly at Rs 86.50 during the week.
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Zinc ingots was another gainer with its price moving up from Rs 64 to Rs 65.
Nickel cathodes after zooming up to Rs 550 intra-week closed lower at Rs 541.
Similarly, tin slabs also lost from Rs 325 to Rs 321 and lead ingots were steady at Rs 39. Brass utensil scrap and brass sheet cutting both were steady at Rs 83 and Rs 87, respectively.
Aluminium utensil scrap has lost marginally from Rs 76.50 to Rs 76, aluminium ingots were steady at Rs 91.
Meanwhile the non-ferrous metals fluctuated on the international exchanges. According to agency reports, base metals were little moved at mid session on the London Metal Exchange (LME) on Monday, with prices drifting back from pre-market highs because of light profit-taking.
Speculative bank buying of zinc pulled base metals higher in pre-market business, triggering further buy-stops which lifted three-months zinc futures to a high of $864 a tonne.
However, zinc looked overbought after the initial flurry of activity in the pre-market took it above the $860 level, traders said, attracting investors to take profits. The metal was last traded at $855 at mid session.
Copper, like zinc, also caught the attention of speculative players before the start of open-outcry trading, jumping to a high of $1,736 a tonne and then dropping because of profit-taking.
Copper was hardly traded at the mid-session, last indicated at $1,719/719.5 versus $1,720 at Friday