Metal prices decline on weak global advice

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Mumbai, Sep 1 (UNI) Prices of metals in both ferrous and non-ferrous category today declined on thin demand from industrial users and bearish advice from global markets, traders at the Bombay Metal Exchange (BME) said.

In ferrous metals, copper heavy and brass utensils reduced by Rs 300 and Rs 200 per quintal respectively, on sustained heavy selling pressure by stockists.

After declining by Rs 100, copper heavy and brass utensils closed at Rs 34,300 and Rs 25,300 per quintal respectively. However, aluminium utensils remained unchanged at Rs 11,000 on small buying support from local dealers.

In non-ferrous metals, copper wire bars and lead ingots fell by Rs 300 and Rs 100 per quintal respectively, while tin slab and nickel cathode crashed by Rs ten and Rs five per kg respectively, on poor offtake, in view of subdued advice from London Metal Exchange along with Kolkata, Delhi and other centres, traders added.

Following are the spot metal prices per quintal: Ferrous metals: copper heavy - Rs 36,600, copper utensils - Rs 34,300, brass utensils - Rs 25,300, brass cuttings - Rs 26,500 and aluminium utensils - Rs 11,000.

Non-ferrous metals: copper wire bars - Rs 39,900, aluminium ingots- Rs 13,900, zinc slab - Rs 10,200, lead ingots - Rs 10,600, tin slab - Rs 1,140 per kg and nickel cathode - Rs 1,050 per kg.

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