Nickel prices rise on good demand

Nickel prices rose at the non-ferrous metal market here today on sustained stockist buying amidst good demand from alloy industries on the back of stable London Metal Exchange cues.
Meanwhile, tin, brass and select copper declined due to lower offtake from industrial users.
The industrial metals were trading steady at the LME but remained near three-year lows after data showing that growth in China's vast manufacturing sector contracted in June underlined sluggish prospects for metals demand.
Nickel shot-up by Rs 5 per kg to Rs 975 from last weekend level of Rs 970.
Copper cable scrap and copper wire bar inched-up by a rupee per kg each to Rs 487 and Rs 515.

However, tin dropped by Rs 5 per kg to Rs 1,365 as compared to Rs 1,370 previously.
Copper sheet cutting and brass utensils fell by Rs 3 per kg each to Rs 462 and Rs 326 from Rs 465 and Rs 329.
Copper scrap heavy, copper utensils scrap and brass sheet cutting moved down by Rs 2 per kg each to Rs 478, Rs 441 and Rs 335 from Rs 480, Rs 443 and Rs 337 respectively.