Metals decline further

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Mumbai, Oct 7 (UNI) A downward march was witnessed in both the ferrous and non-ferrous metals for the second straight day today, following discouraging global advice, traders at the Bombay Metal Exchange (BME) said.

In ferrous metals, copper heavy fell by Rs 300 per quintal and closed at Rs 34,300 on lack of fresh demand by stockists.

Similarly, copper utensils and brass cutting also moved down by Rs 200 per quintal each on poor buying support by bulk consumers.

After easing by Rs 200 both, copper utensils and brass cutting rested at Rs 32,200 and Rs 25,600 per quintal respectively, traders said.

In non-ferrous metals, copper wire bars slid by Rs 300 to finish at Rs 37,500 per quintal amid sustained heavy selling pressure by stockists.

Tin slab and nickel cathode also slipped by Rs 30 and Rs 20 per kg respectively on persistent offloading by stock holders in view of bearish global advice.

Zinc slab and lead ingot, however, recovered by Rs 100 per quintal each on improved demand by stockists, traders added.

Following were the spot metal prices per quintal: Ferrous metals: copper heavy - Rs 34,300, copper utensils - Rs 32,200, brass utensils - Rs 24,700, brass cuttings - Rs 25,600 and aluminium utensils - Rs 10,700.

Non-ferrous metals: copper wire bars - Rs 37,500, aluminium ingots - Rs 13,000, zinc slab - Rs 10,000, lead ingots - Rs 10,300, tin slab - Rs 1,000 per kg and nickel cathode - Rs 850 per kg.

UNI NV SR VKG1702

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