Nickel, zinc slab, copper, aluminium down on weak LME advice

Mumbai, Oct 30 (UNI) Prices of nickel, zinc slab, copper and aluminium in ferrous and non ferrous metals today drifted lower on sustained heavy offers by stockists in view of bearish advice from London Metal Exchange (LME) along with Kolkata, Delhi and other centres, traders at the Bombay Metal Exchange (BME) said.

In the ferrous category (per quintal), copper heavy and copper utensils came down by Rs 300 each on lack of fresh industrial users demand, induced by discouraging advice from Kolkata, Delhi and other centres. Aluminium utensils, Brass scrap utensils and brass cuttings also eased by Rs 100 each in line with copper.

In the non-ferrous segment (per quintal), copper wire bars and zinc slab too declined by Rs 400 and Rs 100 respectively on thin industrial users demand in face of larger arrivals of stocks from upcountry centres.

Similarly, nickel cathode also slipped by Rs 35 on sustained heavy selling pressure by stock-holders and larger stock supplies.

Following are the spot metal prices per quintal: Ferrous metals - Copper heavy: Rs 35,600, Copper utensils: Rs 32,500, Brass utensils: Rs 25,500, Brass cuttings: Rs 26,700 and Aluminium utensils: Rs 10,600.

Non-ferrous metals - Copper wire bars: Rs 38,800, Aluminium ingots: Rs 12,300, Zinc slab: Rs 16,200, Lead ingots: Rs 14,100, Tin slab: Rs 800 per kg and Nickel cathode: Rs 1,525 per kg.

UNI