Domestic/Non-Ferrous Metals
The domestic non-ferrous market was buoyant during last week following upswing in the international prices and higher domestic demand.
Price of copper heavy scraps gained from Rs 108.50 to Rs 110.25, while copper utensil scraps appreciated from Rs 100.50 to Rs 102.25 and brass utensil scraps marginally from Rs 83.50 to Rs 84.50.
Brass sheet cutting increased from Rs 87.50 to Rs 88.50, nickel cathodes jumped from Rs 580 to Rs 593, aluminium ingots moved from Rs 91 to Rs 93 and zinc slabs gained from Rs 65 to Rs 65.50,.
However, aluminium scrap was steady at Rs 77.50 while copper wire bar almost flat with marginal fall from Rs 126.50 to Rs 126. Lead ingots declined nominally from Rs 38 to Rs 37.50 and tin slabs fell from Rs 318 to Rs 316.
On the other hand, London Metal Exchange (LME) metals took a breather on Monday after significant gains the previous week, with most drifting lower and awaiting the next move from big institutional investors, agencies reported.
Reuters said that both traders and analysts expected the complex to consolidate over the next few days, and with little economic data from the United States until the end of the week, fund activity was also seen restricted.
Fund buying has whipped several metals
