Ferrous, non-ferrous metals decline

Mumbai, Sep 30 (UNI) Ferrous and non-ferrous metal prices today heavily declined today on sustained heavy selling pressure from stockists in view of bearish advice from London Metal Exchange (LME), traders at the Bombay Metal Exchange (BME) said.

In ferrous metals, copper heavy and copper utensils slashed by Rs 600 and Rs 400 per quinal respectively on sluggish demand by bulk consumsers.

In the last two days, copper heavy and copper utensils slid by Rs 900 and Rs 600 per quintal respectively, finally ending at Rs 35,500 and Rs 33,700.

Even brass utensils and brass cuttings fell by Rs 200 and Rs 100 per quintal respectively on lack of fresh demand along with domestic centres like Calcutta and Delhi.

Aluminium utensils remained steady on moderate demand, traders said.

In non-ferous metals, copper wire bars eased by Rs 500 and finished at Rs 38,900.

Zinc slab and lead ingot also went down by Rs 100 per quinal each, following lower buying support from stockists.

Tin slab and nickel cathode also became cheaper by Rs 10 and Rs 45 per kg respectively.

After declining by Rs 10 and Rs 45, tin slab and nickel cathode ended at Rs 1,060 and Rs 930 per kg, traders added.

Following were the spot metal prices per quintal: Ferrous metals: copper heavy - Rs 35,500, copper utensils - Rs 33,700, brass utensils - Rs 24,900, brass cuttings - Rs 26,000 and aluminium utensils - Rs 10,800.

Non-ferrous metals: copper wire bars - Rs 38,900, aluminium ingots - Rs 13,100, zinc slab - Rs 10,100, lead ingots - Rs 10,400, tin slab - Rs 1,060 per kg and nickel cathode - Rs 930 per kg.

UNI NV SR NP1724