Base metals recover on global cues

Copper and other base metal prices recovered by Rs 5 per kg in the wholesale local non- ferrous metals market today on fresh demand by stockists amid firming trend at London Metal Exchange.

Sentiment turned better after copper climbed overseas for the first time in four days, as equities rebounded and US home and auto sales beat forecasts, added to optimism that the global economic recovery is on track.

Meanwhile, copper for three-months gained 1.6 per cent to $6,774 and nickel climbed 2 per cent to $20,050 a metric tonne on the London Metal Exchange.

In the national capital, copper wire scrap, copper wire bar and copper mixed scrap were up by Rs 3 each to Rs 363, Rs 382 and Rs 342 per kg, while nickel plate 4x4 and tin ingot gained Rs 5 each to Rs 895-1,009 and Rs 800 per kg.

Zinc ingot, lead ingot and lead imported also enquired higher by Rs 2 each to Rs 127, Rs 125 and Rs 128 per kg.

Following were today's quotations in Rs per kg:

Tin ingot 800, zinc ingot 127.00, nickel plate (4x4) 895- 1,009, gun metal scrap 226 bell metal scrap 228, copper wire scrap 363, copper wire bar 382, copper mixed scrap 342.00, Utensil scrap 224, Chadripital 175.

Lead ingot 125, lead imported 128, aluminium ingots 102, sheet cutting 103, aluminium wire scrap 100 and aluminium utensils scrap 100.