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Base metals advances on high demand

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Press Trust of India Mumbai

Most of the base metals firmed up at the non-ferrous metal market here today due to increased demand from stockists amidst rising trend in London Metal Exchange (LME).

Meanwhile, aluminium utensils scrap slipped on subdued offtake from consumer industries.

The industrial metals moved up at the LME supported by a weaker dollar and easing Euro debt concerns over the news that China and other Asian investors readiness to buy European bailout bonds.

Nickel rose by Rs 5 per kg to Rs 1,245 from yesterday's closing level of Rs 1,240.

Copper cable scrap, copper utensils scrap and copper wire bar gained Rs 4 per kg each to Rs 465, Rs 424 and Rs 493 respectively as against Rs 461, Rs 420 and Rs 489 previously.

 

Copper scrap heavy and copper armature both moved up by Rs 3 per kg each to Rs 455 and Rs 447.

Zinc and lead also inched up by Re 1 to Rs 125 per kg each. However, aluminium utensils scrap edged down by Rs 2 per kg to Rs 105 from Rs 107 yesterday.

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First Published: May 26 2011 | 5:55 PM IST

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