Key metal prices crash on bearish advice from LME

Mumbai, July 17 (UNI) Select non-ferrous and ferrous metal prices today suffered a major setback on sustained heavy offers by stockists induced by discouraging advice from London Metal Exchange (LME), traders at the Bombay Metal Exchange said.

In ferrous metal group, copper heavy and its utensils declined by Rs 200 per quintal each on thin industrial demand in view of larger stocks. Brass utensils and 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 and lead ingot by 100 in sympathy with ferrous metal prices, traders pointed out.

Price of nickel cathode, however, recovered and it finally shot up by Rs 20 to Rs 1520 per kg on fresh speculative demand from local dealers and lesser stocks at the domestic centres, traders added.

Following are the spot metal prices per quintal: Ferrous metals: Copper heavy - Rs 35,000, Copper utensils - Rs 31,700, Brass utensils - Rs 25,500, Brass cuttings - Rs 27,000 and Aluminium utensils - Rs 11,400.

Non-ferrous metals: Copper wire bars - Rs 38,400, Aluminium ingots - Rs 13,500, Zinc slabs - Rs 18,100, Lead ingots - Rs 11,000, Tin slab - Rs 695 (per kg) and Nickel cathode - Rs 1,520 (per kg).

UNI