Ferrous, non ferrous metals dip on weak global advice

Mumbai, Feb 6 (UNI) Ferrous and non ferrous metals drifted lower today due to lack of industrial demand in view of discouraging advice from London Metal Exchange (LME), traders at the Bombay Metal Exchange (BME) said.

They said there was sluggish trend in the Asian markets along with London Metal Exchange (LME) since the last two days which partially affected trend in domestic market. Sellers were eager to sell their stocks but buyer were cautious.

In the ferrous metal category, Copper heavy and Brass cuttings declined by Rs 100 per quintal each on poor demand from industrial makers. Aluminium utensils also eased by 100 per kg in line with copper prices.

Copper utensils became cheaper by Rs 100 per quintal on absence of demand.

In the non-ferrous metal category, Copper wire bars and Zinc slab eased by Rs 100 per quintal on poor demand.

Tin slab also fell by Rs two per kg on lower buying support.

However, Aluminium ingot and nickel cathode remained steady.

Following are the spot metal prices per quintal: Ferrous metals: copper heavy - Rs 33,600, copper utensils - Rs 31,400, brass utensils - Rs 24,800, brass cuttings--Rs 25,300 and aluminium utensils - Rs 10,700 per kg.

Non-ferrous metals: copper wire bars - Rs 36,900, aluminium ingots - Rs 12,500, zinc slab - Rs 12,500, lead ingots - Rs 12,000, tin slab - Rs 781 and nickel cathode - Rs 1,390 per kg.

UNI AR OBB AG1620