Copper, Nickel prices rally on firm global advice

Mumbai, Aug 7 (UNI) The prices of copper and nickel in ferrous and non-ferrous metals today rallied on fresh buying support in view of encouraging advice from London Metal Exchange (LME), traders at the Bombay Metal Exchange (BME) said today.

In the ferrous metals category (per quintal) copper heavy, brass utensils and brass cuttings rose smartly by Rs 200, Rs 200 and Rs 100 respectively amid increased industrial users demand because of bullish advice from LME, along with Kolkata, delhi and Indore centres. Brass cuttings and Aluminium utensils, however, remained unchanged on moderate demand in the face of sufficient stocks.

In the non-ferrous metals segment (per quintal), copper wire bars went up by Rs 200 on sustained heavy demand from industrial users in the face of lesser stocks. Zinc slabs, however, declined by Rs 300 in the absence of fresh demand from industrial users in view of larger stocks arrivals, dealers pointed out.

But nickel cathode price shot up by Rs 10 per kg. on strong construction users demand induced by firm advice from abroad and upcountry markets.

Following are the spot metal prices per quintal: Ferrous metals: Copper heavy - Rs 34,500, Copper utensils - Rs 31,400, Brass utensils - Rs 25,500, Brass cuttings - Rs 27,000 and Aluminium utensils - Rs 11,500.

Non-ferrous metals: Copper wire bars - Rs 38,000, Aluminium ingots - Rs 13,700, Zinc slabs - Rs 18,000, Lead ingots - Rs 11,200, Tin slab - Rs 775 (per kg) and Nickel cathode - Rs 1,430 (per kg).

UNI