Copper, zinc drops on weaker advice from LME

Mumbai, May 21 (UNI) Prices of copper heavy and zinc slab, in ferrous and non ferrous metal categories, crashed today by Rs 100 per quintal each, from their last close, on sustained offers by stockists, alongwith bearish advice from London Metal Exchange (LME), Kolkata, Delhi and other centres, traders at the Bombay Metal Exchange (BME) said.

In ferrous metal category, copper heavy and utensils eased by Rs 100 per quintal each, on thin industrial demand, while sellers were keen to sell their stocks because of discouraging advice from LME, along with Kolkata, Delhi and others.

However rest of the prices remained unchanged.

In non-ferrous metal category, prices of zinc slab also eased by Rs 100 per quintal on poor demand from local dealers, while rest of the prices remained unchanged on moderate demand from local dealers,traders added.

Following are the spot metal prices per quintal: Ferrous metals: copper heavy - Rs 37,200, copper utensils - Rs 33,200, brass utensils - Rs 25,300, brass cuttings - Rs 26,400 and aluminium utensils - Rs 11,300.

Non-ferrous metals: copper wire bars - Rs 40,700, aluminium ingots - Rs 14,800, zinc slab - Rs 11,700, lead ingots - Rs 12,000, tin slab - Rs 1,160 per kg and nickel cathode - Rs 1,315 per kg.

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