Nickel drops on reduced industrial demand

Nickel, aluminium and brass utensils scrap prices dropped at the non-ferrous metal market here today due to stockists selling amid reduced demand from alloy industries.
Meanwhile, select copper and zinc prices recovered on renewed demand from industrial users.
In overseas markets, London copper was facing its first monthly drop since January at early trade, pressured by ample inventories of refined metal, but prospects that Chinese stimulus measures would revive demand kept under prices.
Aluminium ingots fell by Rs 8 per kg to Rs 147 from overnight closing level of Rs 155.
Nickel slipped by Rs 5 per kg to Rs 980 from Thursday's closing level of Rs 985.

Brass utensils scrap and aluminium utensils scrap moved down by Rs 2 per kg each to Rs 315 and Rs 125 from Rs 317 and Rs 127.
However, Copper scrap heavy and copper utensil scrap rose by Rs 2 per kg each to Rs 450 and Rs 410 from Rs 448 and Rs 412.
Copper cables scrap, copper wire bar and zinc edge-up by a Re per kg each to Rs 455, Rs 475 and Rs 188, respectively.