Ferrous, non-ferrous metals down

Mumbai, Oct 8 (UNI) The downward march continued in both ferrous and non ferrous metals for the third consecutive day today on sluggish demand from stockists in view of weak global advice from London Metal Exchange (LME), traders at the Bombay Metal Exchange (BME) said.

In ferrous metals, brass utensils and copper heavy heavily declined by Rs 500 and Rs 300 per quintal respectively.

After slumping by Rs 500 and Rs 300, brass utensils and copper heavy finished at Rs 24,200 and Rs 34,000 per quinal respectively, following lower buying support by bulk consumers.

Copper uensils and aluminium uensils also reduced by Rs 200 per quinal each and ended at Rs 32,000 and Rs 10,500 per quintal respectively, amid lack of fresh demand from industrial users.

In non-ferrous metals, copper wire bars declined by Rs 300 per quinal on sustained heavy selling pressure by stockists along with discouraging global advice.

Aluminium ingot and zinc slab also slipped by Rs 100 per quintal each on persistent offloading by stockists.

Tin slab also moved down by Rs 25 per kg to end at Rs 975 per kg.

However, lead ingot and nickel cathode remained unchanged on moderate demand by bulk conusmers, traders added.

Following were the spot metal prices per quintal: Ferrous metals: copper heavy - Rs 34,000, copper utensils - Rs 32,000, brass utensils - Rs 24,200, brass cuttings - Rs 25,500 and aluminium utensils - Rs 10,500.

Non-ferrous metals: copper wire bars - Rs 37,200, aluminium ingots - Rs 12,900, zinc slab - Rs 9,900, lead ingots - Rs 10,300, tin slab - Rs 975 per kg and nickel cathode - Rs 850 per kg.

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