Markets move sideways

MARKET REVIEW: DOMESTIC/NON-FERROUS METALS

The local base metals market traded the week on steady note taking its cue from the London Metals Exchange (LME).

In the international market, the prices, especially of copper and aluminium, are expected to consolidate at the current range with the vulnerable dollar continuing to trade at record lows against the euro.

The end of the three-week strike in Chile's El Abra copper mine, owned by Phelps Dodge Corp, on Saturday, has eased the supply worries and hence could release the pressure on copper prices.

On the LME, three-month copper closed at $3,081 per tonne as of Friday last and three-month aluminium's kerb close stood at $1854.

In the local market, the price of nickel cathodes creeped upward and closed at Rs 760 per kilogram, from Rs 750 on Monday.

Copper wire bars rose to Rs 207 from Rs 202 last week. Copper heavy scraps closed at Rs 183 on Thursday, from Rs 181 last Monday.

Copper utensil scraps traded at Rs 163 as compared to last week and brass utensil scraps closed at Rs 118, the same as last week before briefly rising to Rs 119 on Thursday and subsequently dropping.

Brass sheet cutting closed at Rs 127, the same as last Monday.

However it briefly dropped by a rupee on Saturday before opening bullish on Monday. Aluminium utensil scraps closed at Rs 83 after trading a flat week.

The price of aluminium ingots closed at Rs 103, a minor rise from Monday's Rs 102. The price remained steady all of the week before rising by a rupee on Monday. Lead ingots closed at Rs 54, the same as the previous week.

Zinc slabs closed at Rs 71 up by Re 1 from last week. The price rose to Rs 70.50 on Wednesday, and another 50p on Thursday before dipping to Rs 69.50 on Saturday.

Tin slabs closed at Rs 533 down from Rs 536 last week. Copper light scraps traded at Rs 172 dropping from Rs 173 at which it traded during Thursday and Friday.

However, it closed at the same price of last week. Copper sheet cutting remained steady at Rs 169.