Non-ferrous metals face brunt of profit booking

BASE METAL REVIEW

Profit booking was the centre of attraction last week in the spot non-ferrous metals market.

As a consequence, prices of most base metals went down marginally in some cases and substantially in others. Copper wire bar eased Rs 8 to Rs 222 per kg last week and passed the same affect on to other metals as well.

Moving in tandem, copper heavy scrap lost Rs 7 from Rs 207 per kg towards the end of the week and made no attempts at recovery.

Copper light scrap, too, went intermittently down and closed at Rs 189 per kg, a loss of Rs 7 from the beginning of the week. Needless to mention, copper utensil scrap followed suit and lost Rs 6 towards the end of the week and closed at Rs 178 per kg. No significant fresh booking signs were noticed throughout the week.

"Traders are waiting for the copper price to go further down, to see their business brought back on track," a leading city-based trader said.

Selling activity was traders' prime motto last week in aluminium quarters. Aluminium ingots went down marginally but consistently, to close at Rs 102 per kg on Saturday from Rs 103 per kg on Monday.

Aluminium utensil scrap slid marginally Rs 0.50 per kg to close the week at Rs 84 per kg.

Lead in Mumbai lost Rs 0.50 in the mid-week and continued at the same level "� at Rs 52.5 per kg - till the weekend.

After its Rs 3 rebound at Rs 778 per kg on Tuesday, nickel cathode received no further demand from the stainless steel industry and closed at Rs 765 per kg, a total loss of Rs 10 in the week.

Tin lost Rs 4 to close at Rs 411 in the end, while zinc slab managed to attract demand from the galvanizing industry and ended the week with a loss of just Re 1 at Rs 86.