Copper, nickel, tin crash on weak LME advice

Mumbai, Aug 24 (UNI) Prices of copper, nickel cathode, brass scrap and tin slab suffered major setbacks today on sustained heavy offers from stockists and bearish advice from the London Metal Exchange (LME), and Kolkata, Delhi and other centres, traders at the Bombay Metal Exchange (BME) said.

In the ferrous category, copper heavy and copper utensils declined by Rs 300 and Rs 200 per quintal respectively on increased stocks supply. Brass utensils and brass cuttings also eased by Rs 200 each on poor industrial users demand and weak advice from LME, Kolkata, Delhi and other centres.

In the non-ferrous segment, copper wire bars, too, came down by Rs 300 per quintal on lack of fresh buying support. Similarly, nickel cathode and tin slab eased by Rs 45 and Rs 10 per kg respectively on thin industrial users demand and large stocks arrivals from upcountry centres.

Following are the spot metal prices per quintal: Ferrous metals: Copper heavy - Rs 34,700, Copper utensils - Rs 31,200, Brass utensils - Rs 25,400, Brass cuttings - Rs 26,800 and Aluminium utensils - Rs 11,100.

Non-ferrous metals: Copper wire bars - Rs 38,000, Aluminium ingots - Rs 13,000, Zinc slab - Rs 17,500, Lead ingots - Rs 10,100, Tin slab - Rs 740 per kg and Nickel cathode - Rs 1,380 per kg.

UNI