Nickel recovers on industrial demand

Nickel prices recovered moderately at the non-ferrous metal market here today on buying by stockist amidst renewed demand from alloy industries.
Elsewhere, select copper and zinc also rose due to sustained demand from consumer industries.
Meanwhile, aluminium ingot fell owing to subdued demand from industrial users.
The industrial metal was trading flat at the LME in early trade but not far off three-month lows ahead of data on growth in China's huge manufacturing sector, and was facing its steepest monthly-loss since March on a looming increase in supply.
Nickel rose by Rs 5 per kg to Rs 1,180 from Monday's closing level of Rs 1,175.

Copper scrap heavy climbed by 3 per kg to Rs 478 from Rs 475.

Copper cable scrap, copper wire bar and zinc moved up by Rs 2 per kg each to Rs 487, Rs 515 and Rs 188 from Rs 485, Rs 513 and Rs 186, respectively.
Copper utensils scrap inched-up by a Re per kg to Rs 439.
However, aluminium ingots declined by Rs 5 per kg to Rs 164 as against Rs 169 yesterday.
Copper sheet cutting, brass utensils scrap, brass sheet cutting and aluminium utensils scrap softened by a Re per kg each to Rs 460, Rs 334, Rs 345 and Rs 133, respectively.