Metals down on discouraging advice

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Mumbai, Oct 23 (UNI) Maintaining the downward trend, both the ferrous and non ferrous metals declined today following lack of fresh demand in view of discouraging global advice from London Metal Exchange along with Delhi, Kolkata and others centres, traders at the Bombay Metal Exchange (BME) said.

In ferrous metals, copper heavy and copper utensils tumbled by Rs 1,800 and Rs 800 per quintal respectively, amid persisent offloading by stockists.

Similarly, brass uensils and brass cuttings also slid by Rs 500 and Rs 1,000 per quintal respectively following sustained heavy selling presure by bulk consumers.

Only, aluminium utensils recovered by Rs 300 on physical buying by stockists, traders said.

A negative sentiment was witnessed in non ferrous metals too.

Copper wire bars heavily went down by Rs 1,600 per quintal on slugish demand along with weak global advice from LME.

Tin slab and nickel cathode also became cheaper by Rs 20 and Rs 40 per kg respectively on lower buying support by industrial users.

Other metals including aluminium ingot, zinc slab and lead ingot remained steady on scattered buying by stockists, traders added.

Following were the spot metal prices per quintal: Ferrous metals: copper heavy - Rs 28,200, copper utensils - Rs 26,500, brass utensils - Rs 19,600, brass cuttings - Rs 20,100 and aluminium utensils - Rs 10,300.

Non-ferrous metals: copper wire bars - Rs 31,500, aluminium ingots - Rs 12,400, zinc slab - Rs 8,000, lead ingots - Rs 9,000, tin slab - Rs 775 per kg and nickel cathode - Rs 690 per kg.

UNI NV SR VKG1618

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