Copper, Nickel prices slip on weaker global advice

Mumbai, Aug 8 (UNI) The prices of copper and nickel in ferrous and non-ferrous metals today declined on thin buying support in view of discouraging advice from London Metal Exchange (LME) along with Kolkata, Delhi, Indore and other centres, traders at the Bombay Metal Exchange (BME) said.

In the ferrous metals category (per quintal) copper heavy, brass utensils and brass cuttings crashed steeply by Rs 300, Rs 200 and Rs 100 respectively due to sustained heavy offers by stockists because of bearish advice from LME, along with Kolkata, Delhi and Indore centres. But, brass cuttings looked up by Rs 100 on scattered demand by local dealers. 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, aluminium ingots, zinc slab and lead ingot also declined by Rs 200 each on thin demand from industrial users in the face of larger stocks. Similarly, nickel cathode price plummited by Rs 30 per kg on poor construction users demand induced by weaker advice from abroad and upcountry markets.

Tin slab, however, rose by Rs 20 per kg on fresh demand from industrial users in view of lesser stocks arrivals, dealers said.

Following are the spot metal prices per quintal: Ferrous metals: Copper heavy - Rs 34,200, Copper utensils - Rs 31,200, Brass utensils - Rs 25,300, Brass cuttings - Rs 26,800 and Aluminium utensils - Rs 11,400.

Non-ferrous metals: Copper wire bars - Rs 37,800, Aluminium ingots - Rs 13,600, Zinc slabs - Rs 17,900, Lead ingots - Rs 11,000, Tin slab - Rs 795 (per kg) and Nickel cathode - Rs 1,400 (per kg).

UNI