Copper crashes on thin buying support

Mumbai, Jan 4 (UNI) Copper crashed on thin buying support today with the London Metal Market also declining, traders at the Bombay Metal Exchange said.

In the ferrous section, copper heavy and copper utensils crashed by Rs 1,500 and Rs 1,000 per quintal respectively while brass utensils and brass cuttings declined by Rs 200 and Rs 1,000 per quintal respectively on increased offers from stockists.

In the non-ferrous section, copper wire bars and zinc slab also drifted lower by Rs 1,500 and Rs 200 per quintal respectively on sustained heavy selling. Nickel cathode fell by Rs 20 per kg on sluggish demand.

Following are the spot metal prices per quintal: Ferrous metals: Copper heavy - Rs 31,000, copper utensils - Rs 29,000, brass utensils - Rs 22,600, brass cuttings - Rs 25,500 and aluminium utensils - Rs 11,100.

Non-ferrous metals: Copper wire bars - Rs 33,500, aluminium ingots - Rs 14,500, zinc slab - Rs 22,500, lead ingots - Rs 7,700, tin slab - Rs 610 (per kg) and nickel cathode - Rs 1,720 (per kg).

UNI