Copper, nickel prices rise on higher industrial demand

Mumbai, Mar 17 (UNI) Prices of copper and nickel in ferrous and non ferrous metal sections today rallied again on higher industrial demand along with firm advice from London Metal Exchange (LME), traders at the metal exchange here said.

In ferrous section, the prices of copper heavy and copper utensils increased by Rs 100 each per quintal on fresh buying support from industrial users induced by bullish advice from LME. There was fresh industrial demand from local and upcountry centres.

In non-ferrous section, the rates of copper wire bars went up by Rs 100 per quintal on reduced stock supply.

Similarly, nickel cathode rates too, gained by Rs five per kg on sustained heavy buying support by local dealers in the face of lessers stocks.

Following were the spot metal prices per quintal: Ferrous metals: Copper heavy- 25,800, copper utensils-Rs 23,600, brass utensils- Rs 18,500, brass cuttings- Rs 19,600 and aluminium utensils- Rs 9,900.

Non-ferrous metals: copper wire bars- Rs 28,000, aluminium ingots- Rs 12,600, zinc slab- Rs 12,700, lead ingots- Rs 6,300, Tin slab- Rs 406 (per kg) and nickel cathode- Rs 770 (per kg).

UNI AR KU SKB1818