Base metals rebound on global cues

Copper and other base metal recovers up to Rs 5 per kg in the local non-ferrous metals market on emergence of buying, triggered by a firming trend at London Metal Exchange.

Trading sentiment turned bullish after copper and other base metals gained in global markets.

Marketmen said besides firming global trend, fresh buying by stockists led to a recovery in base metal prices.

Meanwhile, copper for three-month advanced 1.8 per cent to $6,848, nickel by 1.3 per cent to USD 21,470 and lead climbed 2.3 per cent to $1,785 a metric tonne on the London Metal Exchange.

Copper wire scrap, copper wire bar and copper mixed scrap were up by Rs 4 each to Rs 356, Rs 375 and Rs 334, while nickel (4x4) followed suit and gained Rs 5 to Rs 880-994 per kg, respectively.

Lead ingot, lead imported and zinc ingot also went up by Rs 3 each to Rs 119, Rs 121 and Rs 124 per kg, respectively.

Following were today's quotations in Rs per kg:

Tin ingot 790, zinc ingot 124.00, nickel plate (4x4) 880-994, gun metal scrap 226 bell metal scrap 228, copper wire scrap 356, copper wire bar 375, copper mixed scrap 335.00, Utensil scrap 224, Chadripital 175.

Lead ingot 119, lead imported 121, aluminium ingots 97, sheet cutting 98, aluminium wire scrap 97 and aluminium utensils scrap 96.