Nickel, tin prices rise on bullish advice from overseas market

Mumbai, Aug 7 (UNI) Nickel and tin prices in non-ferrous metal group today rallied sharply on reports of bullish advice from the overseas market like London Metal Exchange (LME) along with heavy industrial demand, according to traders at the Bombay Metal Exchange (BME).

In non-ferrous category: Nickel and tin prices zoomed up by Rs 15 and Rs five and touched a new high of Rs 1,370 and Rs 491 per kg on lack of offers by stockists induced by firm advice from LME, Delhi, Kolkata and others.

Zinc slabs also looked up by Rs 100 to Rs 19,000 per quintal in line with nickel price.

But lead ingots crashed by Rs 50 to Rs 6,300 per quintal owing to heavy offers by stockists in view of subdued advice from upcountry centres particularly Indore, Delhi and others.

However, prices of the other metals remained flat on moderate demand.

In ferrous segment: copper heavy, however, plummeted by Rs 600 to Rs 37,400 per quintal, while brass utensils also declined by Rs 100 to Rs 22,400 per quintal on lack of fresh industrial demand.

Brass cuttings, however, looked up by Rs 26,000 per quintal on strong advice from Delhi, Indore and others coupled with fresh industrial demand by local dealers, traders added.

Following were the spot metal prices per quintal: Ferrous metals: Copper heavy - Rs 37,400, copper utensils - Rs 33,000, brass utensils - Rs 22,400, brass cuttings - Rs 26,000 and aluminium utensils - Rs 11,000.

Non-ferrous metals: Copper wire bars - Rs 41,800, aluminium ingots - Rs 13,000, zinc slab - Rs 19,000, lead ingots - Rs 6,300, tin slab - Rs 491 (per kg) and nickel cathode - Rs 1,370 (per kg).

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