Nickel rises on heavy demand

Mumbai, Oct 30: Nickel prices rose at the non-ferrous metal market here today on heavy stockists demand amid good offtake from alloy industries.

Elsewhere, select copper and aluminium utensils gained due to better offtake from consumer industries. Meanwhile, copper sheet cutting fell owing to lower demand from industrial users. The industrial metals was trading unchanged at the LME, well below last week's one-month high on a weaker fundamental outlook as investors await clues on monetary policy from the US Federal Reserve.

Nickel climbed by Rs 5 per kg to Rs 1,015 from Tuesday's closing levels of Rs 1,010. Copper scrap heavy moved-up by Rs 2 per kg to Rs 493 from Rs 491.

Copper cable scrap, copper utensils scrap, copper wire bar and aluminium utensils scrap all inched-up by Re 1 per kg, each to Rs 550, Rs 455, Rs 528 and Rs 124, respectively. However, Copper sheet cutting declined by Rs 5 per kg to Rs 475 as against Rs 480 yesterday and brass utensils scrap softened by a Re per kg to Rs 345.

PTI