Metals suffer huge setback on weak global advice

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Mumbai, Oct 3 (UNI) Prices of ferrous and non-ferrous metal today suffered a huge setback on lack of demand by stockists in view of weak global advice from London Metal Exchange (LME), traders at the Bombay Metal Exchange (BME) said.

In ferrous metals, brass utensils and brass cuttings slashed by Rs 500 per quintal each, amid poor buying support.

Copper utensils and copper heavy went down by Rs 800 and Rs 300 per quintal respectively, on persistent offloading by stock holders.

Finally copper utensils and copper heavy finished at Rs 33,100 and Rs 35,400 respectively. Aluminium utensils also dipped by Rs 100 per quintal to end at Rs 10,700, traders said.

In non-ferrous metals, zinc slab and lead ingot fell by Rs 200 and Rs 100 per quintal respectively, amid absence of demand.

After easing by Rs 200 and Rs 100, zinc slab and lead ingot ended at Rs 10,000 and Rs 10,300 respectively, following discouraging advice from LME.

Tin slab and nickel cathode also became cheaper by Rs 1,060 and Rs 885 per kg, on thin buying support by bulk consumers, traders added.

Following were the spot metal prices per quintal: Ferrous metals: copper heavy - Rs 35,400, copper utensils - Rs 33,100, brass utensils - Rs 24,700, brass cuttings - Rs 25,600 and aluminium utensils - Rs 10,700.

Non-ferrous metals: copper wire bars - Rs 38,500, aluminium ingots - Rs 13,200, zinc slab - Rs 10,000, lead ingots - Rs 10,300, tin slab - Rs 1,060 per kg and nickel cathode - Rs 885 per kg.

UNI NV RN NP1706

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