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Key metal prices down on weak global advice

Written by: Staff
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Mumbai, June 6 (UNI) Key metal prices including copper heavy, brass utensils and nickel cathode in ferrous and non-ferrous categories drifted lower on sustained heavy offers by stockists in view of bearish advice from London Metal Exchange (LME), traders at the metal exchange today said.

In the ferrous segment, the rates of brass utensils, copper heavy and copper utensils declined steeply by Rs 400, Rs 200 and Rs 50 per quintal respectively on poor industrial users demand.

The rates of brass cuttings looked up by Rs 1000 on fresh industrial demand from upcountry centres, while aluminium utensils remained unchanged due to lack of fresh interest from local dealers.

In the non-ferrous section, zinc slab and lead ingots prices crashed by Rs 100 per quintal each, on sustained heavy selling pressure by local dealers.

Similarly, copper wire bars also came down by Rs 500 per quintal on thin buying support by local and upcountry buyers in view of subdued advice from global markets.

Prices of tin slab and nickel also came down by Rs two and Rs five per kg respectively on improved offers by stocksits along with reports of weak advice from London Metal Exchange and strong demand by local dealers.

Following were the spot metal prices per quintal: Ferrous metals: copper heavy - Rs 37,300, copper utensils - Rs 30,500, brass utensils - Rs 20,800, brass cuttings - Rs 25,500, aluminium utensils - Rs 10,500.

Non-ferrous metals: copper wire bars - Rs 40,300, aluminium ingots - Rs 14,100, zinc slab - Rs 18,400, lead ingots - Rs 6,500, tin slab - Rs 478 (per kg), nickel cathode - Rs 1,100 (per kg).

UNI AR SSS AG1648

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