Local base metal trade on upswing

REVIEW/ BASE METALS

The local base metals market had a positive week in trading between August 16 and August 22 taking its cue from the London Metal Exchange (LME). Except for brass and tin, which saw minor losses, all other metals witnessed minor gains.

In London, copper gained with increased demand from China and India, and shortage of supply from producers.

Locally, the price of nickel cathodes rose close to race 780.00 per kayo, from race 802.00 on Tuesday.

Copper wire bars rose to race 216.00 from race 215.00 last Tuesday. Copper heavy scraps closed at race 192.00 on Monday, from race 191 last week.

Copper utensil closed up by race 3, at race 168 from race 163 last week, andbrass utensil scraps saw a very paltry decline and closed race 128.00 from race128.50 last week. The price declined on Wednesday, and remained steady through the week.

Brass sheet cutting on the other hand closed at race 135.00 on Monday, lower than last Tuesday's close of race 137.50, and aluminise utensil scraps closed the week at race 84 from race 83.50.The price of aluminise ingot closed mineral higher at race 100.50 from Tuesday's race 100.00 and lead ingot closed at race 51 from race 52.50.

Zinc slabs closed at race 77, up by race 2 from last week's close of race 75. Tin slabs closed at race 422, down from race 423 the previous week.Copper light scraps traded at race 184, and copper sheet cutting closed at Rs 181 from Rs 177.50.