Select base metals drop, copper recovers on good demand

Nickel prices fell sharply at the non-ferrous metal market here today due to renewed selling by stockists as well as reduced offtake by alloy industries.
Elsewhere, tin declined further owing to lack of demand from industrial users.
Aluminium also moved down in the absence of necessary buying support.
Meanwhile, copper recovered marginally on increased demand from consuming industries coupled with firm overseas cues.
Nickel shed Rs 15 per kg to Rs 720 from Tuesday's close of Rs 735 and tin slipped by Rs 8 per kg to Rs 1,142 compared to Rs 1,150 earlier.
Aluminium ingots and aluminium utensils scrap both inched down by a rupee per kg to Rs 130 and 109, respectively.

However, copper scrap heavy, copper utensils and copper sheet cuttings all gained by a rupee to Rs 374, Rs 348 and Rs 365.