Metals down on sluggish demand

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Mumbai, Nov 13 (UNI) The downslide in ferrous and non-ferrous metals continued for the second day today, following sluggish demand by stockists, in view of discouraging global advice from London Metal Exchange (LME), traders at the Bombay Metal Exchange (BME) said.

In ferrous metals, brass utensils and brass cuttings slumped by a whopping Rs 1,000 and Rs 600 per quintal respectively, amid sustained heavy selling pressure from bulk consumers. Copper heavy and copper utensils shed Rs 400 and Rs 2,000 per quintal due to persistent offloading by stock holders, traders said.

However, aluminium utensils remained unchanged on moderate demand by local dealers.

In non-ferrous metal category, copper wire bars and aluminium ingot slashed by Rs 500 and Rs 100 per quintal respectively, amid poor demand by bulk consumers. Tin slab fell by Rs 10 per kg to finish at Rs 860.

Meanhwile, Zinc slab and nickel cathode remained steady on scattered buying, traders added.

Following were the spot metal prices per quintal: Ferrous metals: copper heavy - Rs 24,700, copper utensils - Rs 21,500, brass utensils - Rs 17,300, brass cuttings - Rs 18,400 and aluminium utensils - Rs 9,500.

Non-ferrous metals: copper wire bars - Rs 27,900, aluminium ingots - Rs 11,700, zinc slab - Rs 7,000, lead ingots - Rs 9,200, tin slab - Rs 860 per kg and nickel cathode - Rs 740 per kg.

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