Base metals rise on strong global cues

Base metal prices rose up to Rs 10 per kg on the local non-ferrous metal market today on rising industrial demand amid firming global trend. 

Sentiments turned better after copper strengthened in global markets on speculations that demand in China, the world's largest user of the metal, will pick up.  

Meanwhile, copper for three-month delivery rose by 1.8 per cent to $9,703, nickel by 1.4 per cent to $27,000 and tin climbed 1 per cent to $29,955 a tonne on the London Metal Exchange (LME). 

In the national capital, copper wire scrap, copper wire bar and copper mixed scrap rose by Rs 5 each to 497, Rs 520 and Rs 481 per kg, respectively.

Nickel (4x4) and tin ingot also moved up by Rs 10 each to Rs 1,050-1,052 and Rs 840 per kg.

In line with a general firming trend, zinc ingot, lead ingot and lead imported were also enquired higher by Rs 2 each to Rs 133.50, Rs 138 and Rs 140 per kg.

Following were today's quotations in Rs per kg:

Tin ingot 840, zinc ingot 133.50, nickel plate (4x4) 1,050-1,052, gun metal scrap 226 bell metal scrap 228, copper wire scrap 497, copper wire bar 520, copper mixed scrap 481, Utensil scrap 224, Chadripital 175

Lead ingot 138, lead imported 140, aluminium ingots 102, sheet cutting 105, aluminium wire scrap 102 and aluminium utensils scrap 102