Base metal prices rose by up to Rs 5 per kg at the non-ferrous metals market today in tandem with a firm trend overseas amid increased demand from consuming industries.
Traders said sentiment remained firm as a copper prices in London and Shanghai rose with investors lured to buy low after a trade war-fuelled sell-off last week.
The United States on Friday slapped tariffs on USD 34 billion of goods from top metals consumer China, which responded in kind. Fears that the spat could dampen demand for industrial metals weighed on the copper prices.
Globally, copper for delivery in three-months rose by 0.5 per cent to USD 6,423 a tonne, extending a 1.7-per cent gain from the previous session on the London Metal Exchange.
Also, the most-traded September copper contract added 0.7 per cent to reach 49,890 yuan (USD 7,545.03) a tonne on the Shanghai Futures Exchange.
Besides, pick up in demand from consuming industries at domestic spot market supported the uptrend.
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In the national capital, copper mixed scrap and nickel plate (4x4) advanced by Rs 2 and Rs 5 to Rs 432 and Rs 892-895 per kg, respectively.
Zinc ingot, lead ingot and lead imported also enquired higher by Rs 2 each to Rs 135-141, Rs 140 and Rs 147 per kg, respectively.
Following are today's metal rates (in Rs per kg):
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