Nickel, lead head north on firm LME advice

Mumbai, Oct 12 (UNI) Prices of nickel cathode and lead ingots rallied today on reduced offers from stockists and bearish advice from London Metal Exchange (LME) and Kolkata, Delhi and other centres, traders at the Bombay Metal Exchange (BME) said.

However, copper heavy, brass scrap and zinc slab drifted lower owing to weak advice from global and upcountry markets, traders said.

In the ferrous category (per quintal), copper heavy and copper utensils declined by Rs 100 each due to increased offers from stockists. Brass cutting and Brass utensils also eased by Rs 100 and Rs 200 respectively in line with copper prices.

In the non-ferrous segment (per quintal), copper wire bars and zinc slab fell steeply by Rs 100 and Rs 200 respectively on lack of fresh industrial users demand and discouraging advice from LME, Kolkata, Delhi and other centres.

Nickel cathode price, however, shot up by Rs 45 per kg on sustained industrial users demand in view of firm advice from Kolkata.

However, aluminium and tin slab remained unchanged owing to moderate demand and sufficient stocks arrival from upcountry centres, traders added.

Following are the spot metal prices per quintal: Ferrous metals - Copper heavy: Rs 35,400, Copper utensils: Rs 32,100, Brass utensils: Rs 25,500, Brass cuttings: Rs 26,900 and Aluminium utensils: Rs 10,700.

Non-ferrous metals - Copper wire bars: Rs 39,000, Aluminium ingots: Rs 12,300, Zinc slab: Rs 16,400, Lead ingots: Rs 13,400, Tin slab: Rs 795 per kg and Nickel cathode: Rs 1,625 per kg.

UNI