Ferrous and Non-ferrous metals recover

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Mumbai, Nov 14 (UNI) After a two-day downward march, ferrous and non-ferrous metals recovered today on brisk buying support by stockists and bullish trend from London Metal Exchange (LME), traders at the Bombay Metal Exchange (BME) said.

In ferrous metals, copper utensils and copper heavy surged with a big gain of Rs 1600 and Rs 600 per quintal respectively because of sustained demand by bulk consumers.

Copper utensils and copper heavy closed at Rs 23,100 and Rs 25,300 per quintal respectively.

Brass utensils and brass cuttings also soared by Rs 300 and Rs 100 per quintal respectively on fresh demand by stockists.

Brass utensils and brass cuttings finished at Rs 17,600 and Rs 18,500 per quintal respectively.

Aluminium utensils remained flat on moderate demand, traders said.

In non-ferrous metal category, copper wire bars and zinc slab advanced by Rs 500 and Rs 200 per quintal respectivly on lesser stock supply in view of encouraging advice from LME.

Even, tin slab and nickel cathode also moved up by Rs 10 and Rs 25 per kg respectively amid better buying support by bulk conusmers.

Lead ingot shed Rs 200 to finish at Rs 9,000 per quintal on lower buying support by bulk consumers.

Aluminium ingot, which was down by Rs 100 yesterday, remained steady today on scattered demand by local dealers, traders added.

Following were the spot metal prices per quintal: Ferrous metals: copper heavy - Rs 25,300, copper utensils - Rs 23,100, brass utensils - Rs 17,600, brass cuttings - Rs 18,500 and aluminium utensils - Rs 9,500.

Non-ferrous metals: copper wire bars - Rs 28,400, aluminium ingots - Rs 11,700, zinc slab - Rs 7,200, lead ingots - Rs 9,000, tin slab - Rs 870 per kg and nickel cathode - Rs 765 per kg.


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