Copper, nickel declines on thin buying support

Mumbai, Aug 31 (UNI) Copper and nickel declined on thin buying support while London Metal Exchange moved upwards, traders at the Bombay Metal Exchange (BME) today said.

In the ferrous segment, copper heavy and brass utensils eased by Rs 200 and Rs 100 per quintal respectively on sustain heavy selling pressure. But brass cutting and aluminium utensils rose by Rs 300 and Rs 100 per quintal respectively on lesser stock supply.

In the non-ferrous category, copper wire bar drifted lower by Rs 100 on lack of fresh demand.

Nickel cathode fell by Rs 15 per kg on increase offers by stockists.

Following were the spot metal prices per quintal: Ferrous metals: Copper heavy - Rs 37,000, Copper utensils - Rs 32,200, Brass utensils - Rs 22,400, Brass cuttings - Rs 25,800 and Aluminium utensils - Rs 10,800.

Non-ferrous metals: Copper wire bars - Rs 40,800, Aluminium ingots - Rs 13,000, Zinc slab - Rs 19,000, Lead ingots - Rs 6,500, Tin slab - Rs 530 (per kg) and Nickel cathode - Rs 1,775 (per kg).

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