Nickel, tin prices crash on bearish advice from LME

Mumbai, Aug 16 (UNI) Prices of Nickel cathode, tin slab and copper suffered a major setback on thin demand from industrial users induced by bearish advice from London Metal Exchange (LME), along with Kolkata, Delhi, Indore and other various centres, traders at the Bombay Metal Exchange (BME) said.

In ferrous section (per quintal), Copper heavy and its utensils plunged by Rs 200 and Rs 250 respectively while brass utensils and aluminium utensils crashed by Rs 100 and Rs 50 respectively owing to bearish advice from London Metal Exchange and Delhi, Kolkata and other centres.

Similarly, in non ferrous metal segments (per quintal) copper wire bars, aluminium ingots and lead ingots also came down by Rs 200, Rs 300 and Rs 200 respectively while nickel cathode crashed steeply by Rs 50 per kg.

Similarly, tin slab eased by Rs 15 per kg on sustained heavy offers by stockists in view of discouraging advice from LME and Chennai centres, traders added.

Following are the spot metal prices per quintal: Ferrous metals: Copper heavy - Rs 34,500, Copper utensils - Rs 31,000, Brass utensils - Rs 25,400, Brass cuttings - Rs 26,800 and Aluminium utensils - Rs 11,200.

Non-ferrous metals: Copper wire bars - Rs 37,800, Aluminium ingots - Rs 13,200, Zinc slabs - Rs 17,500, Lead ingots - Rs 10,800, Tin slab - Rs 735 (per kg) and Nickel cathode - Rs 1,300 (per kg).

UNI