Ferrous metals suffer heavy loss

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Mumbai, Oct 27 (UNI) Ferrous metals slid today on sustained heavy selling pressure by stockists along with Delhi, Kolkata and othersv centres, traders at the Bombay Metal Exchange (BME) said.

In ferrous metals, brass utensils and brass cuttings declined heavily by Rs 700 and Rs 500 per quintal respectively, amid low buying support by stockists in view of weak advice from London Metal Exchange. Copper heavy eased by Rs 1,800 per quintal due to persistent offloading by stock holders.

However, aluminium utensils remained unchanged on scattered buying support by stockists, traders said.

In non-ferrous metals, zinc slab slashed by Rs 500 per quintal on lack of demand by bulk consumers. Lead ingot rose by Rs 600 per quintal on brisk buying support.

Tin slab also improved by Rs five per kg following improved demand by stockists.

Nickel cathode drifted lower by Rs 10 per kg, traders said.

Meanwhile, traders informed that there will be no trading tomorrow on account of Diwali.

Following were the spot metal prices per quintal: Ferrous metals: copper heavy - Rs 24,600, copper utensils - Rs 21,000, brass utensils - Rs 17,000, brass cuttings - Rs 18,500 and aluminium utensils - Rs 9,800.

Non-ferrous metals: copper wire bars - Rs 27,800, aluminium ingots - Rs 12,100, zinc slab - Rs 7,500, lead ingots - Rs 9,100, tin slab - Rs 775 per kg and nickel cathode - Rs 700 per kg.

UNI NV RN NP1725

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