Key metal prices gain on strong LME advice

Mumbai, Sep 8 (UNI) Select ferrous and non ferrous metal prices rallied on heavy industrial user demand along with firm advice from London Metal Exchange (LME), traders at the Bombay Metal Exchange today said.

In the ferrous segment (per quintal), brass scrap utensils price looked up by Rs 200 and touched a new high at Rs 22,900 on sustained heavy industrial users demand induced by firm advice from LME and other centres.

But copper heavy eased by Rs 200 on increased stock supply.

In the non-ferrous category (per quintal), copper wire bars shot up by Rs 700 and quoted a new peak at Rs 41,600 while aluminium ingots rose by Rs 300 to Rs 19,200 on renewal buying support mainly from exporters.

But nickel cathode price crashed by Rs 15 to Rs 1,715 per kg each, mainly on discouraging advice from LME along with thin demand.

Rest of other prices remained unchanged in the absence of fresh buying support from local dealers.

Following were the spot metal prices per quintal: Ferrous metals: Copper heavy - Rs 37,500, Copper utensils - Rs 33,000, Brass utensils - Rs 22,900, Brass cuttings - Rs 26,500 and Aluminium utensils - Rs 10,900.

Non-ferrous metals: Copper wire bars - Rs 41,600, Aluminium ingots - Rs 13,050, Zinc slab - Rs 19,200, Lead ingots - Rs 6,600, Tin slab - Rs 535 (per kg) and Nickel cathode - Rs 1,715 (per kg).

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