Metal prices down on weak global advice

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Mumbai, Aug 13 (UNI) Prices of Ferrous and non-ferrous metals moved down today on lack of fresh demand in view of weak global advice, traders at the Bombay Metal Exchange said.

In ferrous metals category, copper heavy and copper utensils fell by Rs 300 and Rs 400 per quintal respectively on poor buying support to finish at Rs 35,200 and Rs 33,500 per quintal respectively.

Brass utensils and brass cuttings also drifted lower by Rs 100 per quintal each on sustained heavy selling pressure by stockists to close at Rs 24,900 and Rs 26,000 per quintal respectively.

However, aluminium utensils remained unchanged on scattered buying by industrial users, traders said.

In non-ferrous metal category, copper wire bars further declined by Rs 200 per quintal on absence of demand by bulk consumers. Within two days, copper wire bars have seen a loss of Rs 500.

Lead ingot, which was steady for the last three days, edged down by Rs 150 today and finally, closed at Rs 10,650 amid lack of fresh demand in view of weak global advice.

Nickel cathode gained slightly by Rs 5 on improved demand while tin slab slipped by Rs 25 as traders were keen to sell their stock, traders added.

Following are the spot metal prices per quintal: Ferrous metals: copper heavy - Rs 35,200, copper utensils - Rs 33,500, brass utensils - Rs 24,900, brass cuttings - Rs 26,000 and aluminium utensils - Rs 11,050.

Non-ferrous metals: copper wire bars - Rs 38,800, aluminium ingots- Rs 14,200, zinc slab - Rs 10,300, lead ingots - Rs 10,650, tin slab - Rs 1,010 per kg and nickel cathode - Rs 1,010 per kg.


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