Copper, nickel strengthen on strong demand, global cues

Prices of copper and nickel strengthened by Rs 2 per kg at the non-ferrous metal market today on the back of rising demand from consuming industries at the domestic spot market amid a firm trend overseas.
Traders said apart from a rising demand from consuming industries at domestic spot market, a firm trend overseas as talks to end a major strike at Chile's Escondida mine, the world's biggest copper mine, are delayed and the US President Donald Trump repeated his promise of tax cuts, boosting investors risk appetite after robust US data, mainly supported the upmove in copper and nickel prices.

Globally, copper for delivery in three-month closed 0.7 per cent higher at USD 6,065 per tonne on the London Metal Exchange.
In the national capital, copper mixed scrap and nickel plate (4x4) rose by Rs 2 each to Rs 369 and Rs 820-825 per kg, respectively.
Following are today's metal rates (in Rs per kg):
Zinc ingot Rs 108-114, Nickel plate (4x4) Rs 820-825, gun metal scrap Rs 227, Bell metal scrap Rs 229, copper mixed scrap Rs 369, chadri deshi Rs 295.
Lead ingot Rs 97, lead imported Rs 103, aluminium ingots Rs 154, aluminium sheet cutting Rs 150, aluminium wire scrap Rs 150 and aluminium utensils scrap Rs 148.