Nickel, copper prices rise on bullish advice from overseas market

Mumbai, Aug 10 (UNI) Prices of nickel and copper wire bar in non-ferrous groups today rose together on bullish advice from overseas markets like London Metal Exchange (LME) along with heavy industrial demand, according to traders at the Bombay Metal Exchange (BME).

In non-ferrous category: Nickel price hiked by Rs 25 per kg and touched a new high of Rs 1,400 per kg on improved demand by stockists induced by firm advice from international and domestic markets. Copper wire bars also rose by Rs 500 per quintal on reduced stock supply.

In ferrous segment: zinc utensils went up by Rs 100 on better buying support. But brass cuttings and aluminium utensils declined by Rs 500 and Rs 100 per quintal on lack of fresh demand.

Following were the spot metal prices per quintal: Ferrous metals: Copper heavy - Rs 38,000, copper utensils - Rs 33,000, brass utensils - Rs 22,500, brass cuttings - Rs 25,500 and aluminium utensils - Rs 10,900.

Non-ferrous metals: Copper wire bars - Rs 42,300, 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 1,400 (per kg).

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