Ferrous metal crashes on poor industrial demand

Mumbai, June 12 (UNI) Ferrous metal prices crashed on poor industrial demand along with the London Metal Exchange (LME), traders at the metal exchange today siad.

In the ferrous segment (per quintal), the rates of copper heavy and copper utensils crashed by Rs 3,000 and Rs 500, respectively, while brass utensils and brass cuttings eased by Rs 500 each also aluminium utensils fell by Rs 100 on increase of stock supply.

In the non-ferrous section (per quintal), the rates of copper wire bars also crashed by Rs 1,500 while aluminium ingot and zinc slab declined by Rs 100 and Rs 300 on sustained heavy selling pressure.

However, price of tin slab and nickel cathode remained steady on moderate demand.

Following were the spot metal prices per quintal: Ferrous metals: copper heavy - Rs 32,000, copper utensils - Rs 22,500, brass utensils - Rs 18,500, brass cuttings - Rs 21,000, aluminium utensils - Rs 10,000.

Non-ferrous metals: copper wire bars - Rs 36,800, aluminium ingots - Rs 13,700, zinc slab - Rs 17,800, lead ingots - Rs 6,400, tin slab - Rs 470 (per kg), nickel cathode - Rs 1,075 (per kg).

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