Aluminium retains value amid losses

DOMESTIC REVIEW / NON-FERROUS METALS

Prices of non-ferrous metals except aluminium in the domestic market nose-dived in the last week as copper lost value in the international market.

Aluminium utensil scrap jumped from Rs 81.50 to Rs 90. Copper heavy scraps declined from Rs 163 to 158.5, copper utensil scrap fell sharply from Rs 140 to Rs 135, brass utensil scrap lost from Rs 104.5 to Rs 101.5.

Brass sheet cutting also fell from Rs 109.5 to Rs 106.5, copper wire bar declined from Rs 182 to Rs 179.

Aluminium ingots lost marginally from Rs 95 to Rs 94.5, zinc slabs declined from Rs 75 to Rs 73.50 and lead ingots were marginally lower at Rs 51.5 from last week's Rs 52. Tin slab also lost heavily from Rs 470 to Rs 451 and nickel cathodes also fell sharply from Rs 715 to Rs 698.

In the international market, COMEX May copper was seen starting 0.90 cent lower than Thursday's close at $1.3050 cents a lb. LME copper warehouse stocks fell 3,050 tonnes to 173,550 tonnes on Thursday.

The London Metal Exchange was closed on Monday for the Easter holiday. COMEX inventories were down 2,740 short tons at 204,074 tons in Thursday's daily report. LME 3-months copper finished the Thursday evening kerg at $2,872 a tonne.

Metal markets were closed for the Good Friday holiday. Copper was down on the Shanghai exchange with the lack of London business pushing down trading volumes.