Key metal prices flare up on strong advice from LME

Mumbai, July 14 (UNI) Prices of select metals like copper, aluminium, ferrous, nickel cathode and tin slab rallied on heavy industrial demand along with firm advice from London Metal Exchange (LME), according to traders at the Bombay Metal Exchange today.

In non-ferrous metal group, nickel cathode touched a new peak at Rs 1,320 per kg with handsome gains of Rs 19 from yesterday's level, while tin slabs zoomed up by Rs five and touched a new high level of Rs 500 per kg on reduced offers by stockists induced by bullish advice from LME, along with high volume at Delhi and Kolkata centres, traders said.

In ferrous section, the rates of copper heavy and copper utensils flared up by Rs 500 and Rs 200 per quintal, respectively, on increased demand by local dealers while that of brass utensils, brass cuttings and aluminium utensils also hardened by Rs 200 each on heavy buying support by local dealers, induced by bullish advice from London Metal Exchange along with Delhi, Kolkata and other centres, traders added.

Following were the spot metal prices per quintal: Ferrous metals: Copper heavy - Rs 38,000, Copper utensils - Rs 34,200, Brass utensils - Rs 23,200, Brass cuttings - Rs 26,200, Aluminium utensils - Rs 10,700.

Non-ferrous metals: Copper wire bars - Rs 41,500, Aluminium ingots - Rs 13,100, Zinc slab - Rs 19,200, Lead ingots - Rs 6,200, Tin slab - Rs 500 (per kg), Nickel cathode - Rs 1,320 (per kg).

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