Business Standard

Base metals rally on global cues

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Press Trust of India Mumbai

Most of the base metals rallied at the non-ferrous metal market here today due to heavy stockists buying coupled with strong industrial demand influenced by firming trend at the London Metal Exchange (LME).   

On the other hand, tin and copper utensils scrap declined on subdued offtake from industrial users.

The industrial metals, particularly copper traded higher in LME on the back of weakening dollar and ahead of key Chinese data release this week.

Nickel hardened by Rs 8 per kg to Rs 1,288 from last Saturday's closing level of Rs 1,280.

Copper scrap heavy and copper armiture both strengthened by Rs 7 per kg each to Rs 450 and Rs 443 as compared to Rs 436 and Rs 436 last weekend.  

 

Copper sheets cutting rose by Rs 6 per kg to Rs 440 from Rs 434. Copper cable scrap, copper wire bar and zinc gained by Rs 4 per kg each to Rs 456, Rs 484 and Rs 126 respectively. 

Aluminium utensils scrap moved up by Rs 3 per kg to Rs 110, Brass sheets cutting by Rs 2 per kg to Rs 315 and lead also looked up by a rupee per kg to Rs 127. 

However, tin and copper utensils scrap fell by Rs 3 per kg each to Rs 1,537 and Rs 410.

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First Published: May 09 2011 | 6:07 PM IST

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