Select base metals strengthened for the third straight day by gaining up to Rs 2 per kg on the local non-ferrous metal market today due to a firm trend at the London Metal Exchange (LME).
Traders said apart from a firm trend at the LME on expectations that the Federal Reserve may announce further stimulus to boost the US economy, pick up in domestic demand also supported the upside in base metals here.
Meanwhile, copper for three-month delivery dropped 0.5 per cent to $8,395 and nickel by 0.2 per cent to $23,520 a metric tonne on the LME.
In the national capital, copper wire scrap, copper wire bar and copper mixed scrap remained in demand and gained another Rs 2 each to Rs 439, Rs 458 and Rs 419 per kg, respectively.
Nickel plate (4x4) followed suit and traded higher by the same margin to Rs 997-999 per kg, while zinc ingot, lead ingot and lead imported traded higher by Re 1 each to Rs 127.50, Rs 131 and Rs 133 per kg, respectively.
Following were today's quotations in Rs per kg:
Tin ingot 810, zinc ingot 127.50, nickel plate (4x4) 997-999, gun metal scrap 226 bell metal scrap 228, copper wire scrap 434, copper wire bar 458, copper mixed scrap 419, Utensil scrap 224, Chadripital 175