Sheen wears off as global rally fades

DOMESTIC REVIEW / NON-FERROUS METALS

The prices of non-ferrous metals in the domestic market witnessed an overall decline following a dip in the international prices.

Nickel cathodes closed at Rs 775 per kilogram, down by Rs 5 from last Monday's close of Rs 780. The price fell to Rs 765 and remained steady until Friday, after which it rose to close Rs 10 up this Tuesday.

Copper wire bars closed at Rs 153 on Tuesday down by Rs 3 from last week. Copper heavy scraps closed at Rs 137 down from Rs 134 last week. The price rose to Rs 136 on Wednesday, and Rs 137 on Thursday where it stood till this Tuesday.

Copper heavy utersil scraps closed at Rs 118 from Rs 115 last Monday. The price rose to the current close on Thursday and remained steady.

Brass utersil scraps closed at Rs 94, a minor gain from last Monday's Rs 92. Brass sheet cutting closed at Rs 100 from last Monday's Rs 97.50. The price rose to Rs 99 on Wednesday and further went up to Rs 99.75 remained steady until last Friday before rising to Rs 100.

Aluminium utersil scraps remained unchanged at Rs 74 all of last week. The price of lead ingots closed at Rs 46, the same as last week. It rose to Rs 47 on Wednesday and remained steady until Friday before it fell back to Rs 46.

Aluminium ingots closed at Rs 92 on Monday compared with last week's Rs 94. The price fell to Rs 92.50 and closed further down on Tuesday.

The price of zinc slabs rose to Rs 74 from last week's Rs 73. The price fell by Re 1 on Wednesday before rising again on Tuesday. Tin slabs fell to Rs 395 from last week's Rs 405. The price fell to Rs 390 on Wednesday, amd remained until it closed up by Rs 5 on Tuesday.

In the futures market, the price of lead in the March contract on the National Multi Commodity Exchange (NMCE) oscillated between Rs 45.40 last week and Rs 45.10. The volume of trade stood at 1398 grams with 27 trades. There were no open positions.