Metals decline on weak global advice

Mumbai, Oct 15 (UNI) Breaking the upward trend continuing since the last two days, both ferrous and non-ferrous metals today declined on sustained heavy selling pressure from stockists, following weak global advice from London Metal Exchange (LME), traders at the Bombay Metal Exchange (BME) said.

In ferrous metals, copper heavy and copper utensils were down by Rs 300 and Rs 400 per quintal respectively, following persistent offloading by stock holders. Copper heavy and copper utensils finished at Rs 31,900 and Rs 29,000 per quintal respectively.

Other key metals, including brass utensils, brass cuttings and aluminium utensils remained unchanged on scattered buying support by bulk consumers, traders said.

In non-ferrous metals, copper wire bars and zinc slab eased by Rs 400 and Rs 600 per quintal respectively, on poor demand by bulk consumers in view of weak global advices from LME. Copper wire bars and zinc slab finished at Rs 35,100 and Rs 9,400 per quintal respectively.

Tin slab also became cheaper by Rs 25 per kg to close at Rs 865 amid sustained heavy selling pressure by stockists. However, lead ingot shot up by Rs 200 per quintal and nickel cathode also improved by Rs 10 per kg on improved demand by bulk consumers, traders added.

Following were the spot metal prices per quintal: Ferrous metals: copper heavy - Rs 31,900, copper utensils - Rs 29,000, brass utensils - Rs 23,500, brass cuttings - Rs 24,500 and aluminium utensils - Rs 10,400.

Non-ferrous metals: copper wire bars - Rs 35,100, aluminium ingots - Rs 12,800, zinc slab - Rs 9,400, lead ingots - Rs 10,000, tin slab - Rs 865 per kg and nickel cathode - Rs 830 per kg.

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