Base metals rebound on global cues

Base metal prices rose up to Rs 5 per kg on the local non-ferrous metal market today, largely backed by stockists in tandem with a firming global trend.

The trading sentiment turned better as copper advanced after reports that the International Monetary Fund is preparing a loan for Italy to help the country implement reforms, raised demand for metals.

Meanwhile, copper for three-month delivery climbed by 3.3% to $7,470 a tonne on the London Metal Exchange, the most since November 14.

In the national capital, copper mixed scrap rose by Rs 5 to Rs 383, while nickel (4x4) followed suit and traded higher by the same margin to Rs 1,050-1,052 per kg, respectively.

In line with a firming trend, zinc ingot, lead ingot and lead imported also enquired higher by Rs 2 each to Rs 122-128.50, Rs 137 and Rs 135 per kg, respectively.