Tin slab, Nickel prices rise on bullish advice from LME

Mumbai, July 19 (UNI) Tin slab and Nickel cathode along with select ferrous metal prices today rallied on sustained heavy industrial demand induced by encouraging advice from London Metal Exchange (LME), traders at the Bombay Metal Exchange said.

In ferrous metal group, copper heavy and brass scrap utensils hardend by Rs 100 per quintal each on improved industrial demand in view of lesser stocks.

In non-ferrous metal segment, copper wire bars and aluminium ingots also went up by Rs 200 per quintal each and zinc and lead ingot by 100 in sympathy with ferrous metal prices, traders pointed out.

Price of nickel cathode and tin slab, however, recovered and it finally shot up by Rs 30 and Rs 25 respectively. Both the prices were quoted high at Rs 1550 per kg for nickel and for tin at Rs 725 on fresh speculative demand from local dealers and lesser stocks at the domestic centres. Sellers reserved their stocks in view of strong advice from LME, traders added.

Following are the spot metal prices per quintal: Ferrous metals: Copper heavy - Rs 35,300, Copper utensils - Rs 31,700, Brass utensils - Rs 25,600, Brass cuttings - Rs 27,000 and Aluminium utensils - Rs 11,400.

Non-ferrous metals: Copper wire bars - Rs 38,500, Aluminium ingots - Rs 13,600, Zinc slabs - Rs 18,500, Lead ingots - Rs 11,300, Tin slab - Rs 725 (per kg) and Nickel cathode - Rs 1,550 (per kg).

UNI