Metals lose shine on weak industrial demand

Mumbai, May 16 (UNI) Metal prices dropped due to a weak industrial demand and fall in London Metal Exchange, traders at the metal exchange here today said.

In the ferrous section, brass utensils and brass cuttings declined by Rs 500 each per quintal on sustained heavy selling pressure while copper heavy rose by Rs 500 per quintal owing to a reduced stocks supply.

In the non-ferrous section, copper wire bars and zinc slab eased by Rs 700 and Rs 400 per quintal respectively on increased stocks supply.

Tin slab fell by Rs ten per kg on thin buying support while nickel cathode rose by Rs 10 per kg on lesser stocks supply.

Following were the spot metal prices per quintal: Ferrous metals: Copper heavy - Rs 40,500, copper utensils - Rs 36,000, brass utensils - Rs 23,500, brass cuttings - Rs 27,000, aluminium utensils - Rs 11,000.

Non-ferrous metals: copper wire bars - Rs 42,200, aluminium ingots - Rs 14,500, zinc slab - Rs 18,600, lead ingots - Rs 7,100, tin slab - Rs 520 (per kg), nickel cathode - Rs 1,010 (per kg).

UNI VD MAZ SKB1637