Select base metals strengthen on global cues

Select base metals, copper and nickel showed some strength and prices rose up to Rs 5 per kg on the local non-ferrous metal market today on sustained buying by stockists on the back of a firm trend at the London Metal Exchange (LME).

Analysts said besides rising trend at the LME, increased demand from consuming industries, also supported the upside in select base metals.

Meanwhile,copper for three month delivery increased 1.2 per cent to $8,320 and nickel by 1.2 per cent to $22,685 a tonne on the LME. 

In the national capital, copper wire scrap, copper wire bar and copper mixed scrap were remained in demand and added Rs 2 each to Rs 443, Rs 467 and Rs 428, while nickel (4x4) followed suit and traded higher by Rs 5 to Rs 1,005-1,007 per kg.

Following were today's quotations in Rs per kg:

Tin ingot 815, zinc ingot 130.50, nickel plate (4x4) 1005-1007, gun metal scrap 226 bell metal scrap 228, copper wire scrap 443, copper wire bar 467, copper mixed scrap 428, Utensil scrap 224, Chadripital 175

Lead ingot 134, lead imported 136, aluminium ingots 102, sheet cutting 105, aluminium wire scrap 102 and aluminium utensils scrap 102