Base metals gains on good buying, global cues
Base metals recovered modestly at the non-ferrous metal market here today on good stockist buying as well as better industrial demand on the back of firming trend in London Metal Exchange (LME).
Meanwhile, copper sheet cutting moved down slightly on reduced offtake from industrial users. The industrial metals gained at the LME on Chinese buying support amid lower inventories.
Nickel and tin rose by Rs 5 per kg each to Rs 1,175 and Rs 1,320 from overnight closing level of Rs 1,170 and Rs 1,315.
Copper scrap heavy, copper armiture and brass sheet cutting edged up by Rs 2 per kg each to Rs 447, Rs 438 and Rs 309.
Copper cable scrap, copper wire bar, zinc and lead all inched up by a rupee per kg each to Rs 456, Rs 484, Rs 124 and Rs 117, respectively.
However, copper sheet cutting softened by Re 1 per kg to Rs 432.