Nickel touches six months low of Rs 1380 a kg

Mumbai, Aug 9 (UNI) The price of nickel cathode in non-ferrous metals today touched a six-month low at Rs 1380 per kg with a loss of Rs 20 from the previous day's level on sustained heavy offers by stockists 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.

Similarly, in the ferrous metals category (per quintal) copper utensils crashed by Rs 100 due to lack of fresh industrial users demand because of bearish advice from LME, along with Kolkata, Delhi and Indore centres. Hovever, other prices remained unchanged on moderate demand in the face of sufficient stocks.

In the non-ferrous metals segment (per quintal), copper wire bars, aluminium ingots and zinc slab also declined by Rs 300, Rs 100 and Rs 400 respectively on thin demand from industrial users in the face of larger stocks.

Tin slab prices plunged by Rs five to Rs 790 per kg on poor construction users demand induced by weaker advice from abroad and upcountry markets.

Following are the spot metal prices per quintal: Ferrous metals: Copper heavy - Rs 34,200, Copper utensils - Rs 31,100, Brass utensils - Rs 25,300, Brass cuttings - Rs 26,800 and Aluminium utensils - Rs 11,400.

Non-ferrous metals: Copper wire bars - Rs 37,500, Aluminium ingots - Rs 13,500, Zinc slabs - Rs 17,500, Lead ingots - Rs 11,000, Tin slab - Rs 790 (per kg) and Nickel cathode - Rs 1,380 (per kg).

UNI