Nickel, copper, zinc & aluminium ease on bearish LME advice

Mumbai, Oct 9 (UNI) Prices of nickel cathode, copper wire bars, zinc slab and aluminium in ferrous and non ferrous metals declined for the second consecutive day today on sustained heavy offers by stockists, induced by discouraging advice from London Metal Exchange (LME) along with Kolkata, Delhi and other centres, traders at the Bombay Metal Exchange (BME) said.

In the ferrous category (per quintal), copper heavy and copper utensils crashed by Rs 500 each due to lack of fresh buying support from local dealers. Brass cutting and Brass utensils also declined by Rs 100 each.

In the non-ferrous segment (per quintal), copper wire bars and zinc slab were down by Rs 300 and Rs 200 respectively on thin demand from industrial users in view of discouraging advice from LME, Kolkata, Delhi and other centres.

However, nickel cathode too crashed by Rs 30 per kg on poor industrial users demand induced by weaker advice from LME along with Kolkata centres.

Following are the spot metal prices per quintal: Ferrous metals - Copper heavy: Rs 35,600, Copper utensils: Rs 32,000, Brass utensils: Rs 25,500, Brass cuttings: Rs 26,900 and Aluminium utensils: Rs 10,700.

Non-ferrous metals - Copper wire bars: Rs 38,700, Aluminium ingots: Rs 12,200, Zinc slab: Rs 16,300, Lead ingots: Rs 12,700, Tin slab: Rs 800 per kg and Nickel cathode: Rs 1,550 per kg.

UNI