Markets follow LME trading trend

DOMESTIC REVIEW/NON-FERROUS METALS

Non-ferrous metals witnessed divergent trading last week in the domestic market. Prices of nickel and aluminium dipped following the trend witnessed in the London Metals Exchange (LME), copper saw minor gains backed by stronger US dollar.

The price of nickel cathodes closed at Rs 760 per kilogram on Monday, down by Rs 25 from last week's close of Rs 785. The price fell to Rs 775 on Tuesday, after which it further declined to Rs 765 on Wednesday and remained steady.

Copper wire bars remained fairly constant all of last week at Rs 176. The price briefly touched Rs 175 on Thursday and Friday, before gaining again.

Copper heavy scraps closed at Rs 160 up from Rs 156 last week. The price rose to Rs 157 on Wednesday and further increased to Rs 160 on Saturday.

Copper heavy utensil scraps ended trade at Rs 136 from Rs 133 last Monday. The price rose to Rs 134 on Wednesday before closing Rs 2 up on Saturday.

Brass utensil scraps closed at Rs 106.50, a gain from last Monday's Rs 103. It increased by a meagre 50 paise on Wednesday and remained constant till Saturday. Brass sheet cutting closed at Rs 109.50 from last Monday's Rs 108.

Aluminium utensil scraps closed down at Rs 82 from Rs 91 last week. The price plummeted to Rs 81 on Tuesday before remaining steady at Rs 81.50 from Thursday to Saturday.

The price of lead ingots remained constant all of last week at Rs 52. The price of aluminium ingots closed at Rs 96.50 up by a meagre 50 paise from last week's Rs 96 at which it remained steady till Saturday.

Zinc slabs closed up at Rs 75 from Rs 71 last week. Tin slabs closed at Rs 380 from last week's Rs 392. The price fell to Rs 385 on Wednesday before falling further on Saturday to Rs 380.

In the futures market March lead contract on the National Multi Commodity Exchange (NMCE) closed at Rs 44.20 down from Rs 44.80 last Monday.

It hit an intra-week low of Rs 44.40 on Friday before rising again. The volume of trade on Monday stood at 1572 grams with 24 trades.

The May contract of lead closed at Rs 46.40 down from Rs 46.90 last Monday. The volume of contract stood at 1680 grams with 34 trades. There were no open positions.