Nickel cathode, copper prices rise on strong LME advice

Mumbai, Aug 22 (UNI) Prices of nickel cathode and copper in ferrous and non ferrous metals today ruled better on bullish advice from London Metal Exchange (LME), along with Kolkata, Delhi and other centres, traders at the Bombay Metal Exchange (BME) said.

In ferrous category (per quintal), copper heavy and copper utensils were up by Rs 100 and Rs 150 per quintal respectively on reduced stock supply. Brass utensils also advanced by Rs 50 owing to heayy industrial users demand. Sellers reserved their stocks in view of strong advice from London Metal Exchange (LME) along with Kolkata, Delhi and other centres.

In non-ferrous metal segments (per quintal) copper wire bar was up by Rs 100 per quintal due to fresh buying support. Similarly, Aluminium ingots and zinc slab also rose by Rs 100 each in line with ferrous metal prices.

Nickel cathode shot up by Rs 60 per kg on sustained heavy industrial users demand in the face of lesser stocks arrivals from upcountry centres.

But tin slab eased by Rs ten per kg on larger stock supply from upcountry centres. There was slack industrial users demand.

Following are the spot metal prices per quintal: Ferrous metals: Copper heavy - Rs 34,600, Copper utensils - Rs 31,000, Brass utensils - Rs 25,400, Brass cuttings - Rs 26,900 and Aluminium utensils - Rs 11,000.

Non-ferrous metals: Copper wire bars - Rs 37,900, Aluminium ingots - Rs 13,000, Zinc slabs - Rs 17,500, Lead ingots - Rs 10,900, Tin slab - Rs 725 (per kg) and Nickel cathode - Rs 1,380 (per kg).

UNI