Nickel, copper, lead ease on weaker advice from LME

Mumbai, Oct 17 (UNI) Prices of nickel, copper and lead in ferrous and non ferrous metals declined today on sustained heavy offers by stockists due to bearish advice from London Metal Exchange along with Kolkata, Delhi and other centres, traders at the Bombay Metal Exchange (BME) said.

In the ferrous category (per quintal), copper heavy, copper utensils and brass scrap crashed again by Rs 100 each on lack of industrial users demand in view of bearish advice from global and upcountry markets.

In the non-ferrous segment (per quintal), copper wire bars and lead ingot also rose by Rs 200 and Rs 100 respectively on poor demand from industrial users, while aluminium ingot and zinc slab prices were down by Rs 100 and Rs 300 respectively on better offers by stockists due to bearish advice from LME along with Kolkata, Delhi and southern centres. Nickel cathode also crashed by Rs 25 per kg on poor industrial demand along with subdued advice from LME and Kolkata centres.

Tin slab remained unchanged on moderate buying support from local dealers.

Following are the spot metal prices per quintal: Ferrous metals - Copper heavy: Rs 35,700, Copper utensils: Rs 32,200, Brass utensils: Rs 25,400, Brass cuttings: Rs 26,800 and Aluminium utensils: Rs 10,700.

Non-ferrous metals - Copper wire bars: Rs 39,000, Aluminium ingots: Rs 12,300, Zinc slab: Rs 16,500, Lead ingots: Rs 13,700, Tin slab: Rs 810 per kg and Nickel cathode: Rs 1,600 per kg.

UNI