Copper, nickel recovers on higher global trend

Tracking a firm trend at the London Metal Exchange, copper and nickel prices recovered up to Rs 5 per kg on the local non-ferrous metal market today.

Marketmen said sentiments turned bullish as copper in London rebounded from its worst decline in more than four months as some investors deemed the drop as excessive as they expect supply may lag behind demand. 

Meanwhile, copper for three-month delivery rose by 0.9 per cent to $8,691.75 and nickel by 1.4 per cent to 22,990 dollar a metric tone on the London Metal Exchange.

In the national capital, copper wire scrap, copper wire bar and copper mixed scrap recovered by Rs 2 each to Rs 443,Rs 467 and Rs 428 while nickel (4x4) by Rs 5 to Rs 1,002-1,004 per kg respectively.

Following were today's quotations in Rs per kg:

Tin ingot 820, zinc ingot 131.50, nickel plate (4x4) 1,002-1,004, gun metal scrap 226 bell metal scrap 228, copper wire scrap 443, copper wire bar 467, copper mixed scrap 428, Utensil scrap 224, Chadripital 175

Lead ingot 135, lead imported 137, aluminium ingots 102, sheet cutting 105, aluminium wire scrap 102 and aluminium utensils scrap 102.