Metals recover on strong global advice

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Mumbai, Oct 13 (UNI) Both ferrous and non-ferrous metals recovered today following speculative demand from industrial users along with strong global advice, traders at the Bombay Metal Exchange (BME) said.

After Saturday's crash, an improvement was seen in both ferrous and non-ferrous metals today.

In ferrous metals, copper heavy and brass utensils rose by Rs 300 and Rs 200 per quintal respectively on brisk buying support from stockists.

Brass cutting also edged up by Rs 100 per quintal on lesser stock supply by bulk consumers.

After rising by Rs 100, brass cuttings ended at Rs 24,500 per quintal.

Sole, copper utensils fell by Rs 100 to finish at Rs 29,000 on sustained heavy selling pressure by stockists while aluminium remained unaltered on scattered buying by stockists, traders said.

In non-ferrous metals too, a positive movement was observed as copper wire bars and zinc slab advanced by Rs 400 and Rs 500 per quintal respectively following better buying support.

Finally, copper wire bars and zinc slab closed at Rs 34,300 and Rs 9,900 per quintal respectively.

Nickel cathode also strengthened by Rs 70 per kg on improved demand by bulk conumers.

Tin slab fell by Rs 40 per kg on sluggish demand by stockists.

No change was seen in aluminium ingot and lead ingot respectively because of moderate demand, traders added.

Following were the spot metal prices per quintal: Ferrous metals: copper heavy - Rs 31,000, copper utensils - Rs 29,000, brass utensils - Rs 23,200, brass cuttings - Rs 24,500 and aluminium utensils - Rs 10,400.

Non-ferrous metals: copper wire bars - Rs 34,300, aluminium ingots - Rs 12,800, zinc slab - Rs 9,900, lead ingots - Rs 9,700, tin slab - Rs 810 per kg and nickel cathode - Rs 840 per kg.

UNI NV SR VKG1915

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