Nickel prices crash on bearish advice from LME

Mumbai, July 16 (UNI) Prices of Nickel Cathode in non ferrous metal segments today steeply plummited by Rs 35 and was quoted at Rs 1,500 per kg on sustained heavy offers by stockists induced by discouraging advice from London Metal Exchange (LME), traders at the Bombay Metal Exchange said.

Similarly, in ferrous metal group, copper heavy and its utensils also declined by Rs 100 and Rs 200 per quintal respectively on slack industrial demand in view of larger stocks. Brass cuttings also eased by Rs 200 in line with copper.

In non-ferrous metal segment, copper wire bars too declined by Rs 200 per quintal in sympathy with ferrous metal prices, traders pointed out.

Following are the spot metal prices per quintal: Ferrous metals: Copper heavy - Rs 35,200, Copper utensils - Rs 31,900, Brass utensils - Rs 25,700, Brass cuttings - Rs 27,200 and Aluminium utensils - Rs 11,400.

Non-ferrous metals: Copper wire bars - Rs 38,700, Aluminium ingots - Rs 13,500, Zinc slabs - Rs 18,100, Lead ingots - Rs 11,100, Tin slab - Rs 695 (per kg) and Nickel cathode - Rs 1,500 (per kg).

UNI