Metals ease on lack of demand by industrial users

Mumbai, July 25 (UNI) The downward trend continued today in the ferrous and non-ferrous metals, amid lack of demand by industrial users, in view of weak global advice from London Metal Exchange (LME), traders at the Bombay Metal Exchange said.

In ferrous metals category, barring copper utensils, all other metals witnessed a downward trend.

Brass cuttings and aluminium utensils fell by Rs 200 per quintal each, on lower buying support and ended at Rs 26,700 and Rs 11,300 per quintal respectively. Copper heavy and brass utensils also slashed by Rs 300 and Rs 100 and closed at Rs 37,700 and Rs 25,000 per quintal respectively.

After declining by Rs 200 yesterday, copper utensils remained steady today and finished at Rs 35,100 per quintal, on scattered buying by dealers.

In non-ferrous metals category, copper wire bars, aluminium ingot, zinc slab and nickel cathode eased, while lead ingot and tin slab remained unchanged.

Aluminium ingot and copper wire bar inched down by Rs 500 and Rs 300 per quintal respectively, due to sustain heavy selling pressure by stockists.

Zinc slab slid by Rs 100 per quintal and nickel cathode by Rs 40 per kg respectively, on absence of demand by industrial users in view of bearish advice from London Metal Exchange (LME), traders informed.

Following are the spot metal prices per quintal: Ferrous metals: copper heavy - Rs 37,700, copper utensils - Rs 35,100, brass utensils - Rs 25,000, brass cuttings - Rs 26,700 and aluminium utensils - Rs 11,300.

Non-ferrous metals: copper wire bars - Rs 41,000, aluminium ingots- Rs 14,500, zinc slab - Rs 10,700, lead ingots - Rs 11,000, tin slab - Rs 1,160 per kg and nickel cathode - Rs 1,060 per kg.

UNI NV SR SKB1652