Base metals rise on firm global cues

Copper and other base metals remained firm and traded higher by Rs 5 per kg in the local non-ferrous metals market today on the back of firming trend overseas.

Trading sentiment remained bullish as copper and nickel extended gains in London, after the economic data signalled the US economy is improving, boosting the demand outlook.

Marketmen said sustained buying in tandem with a firming trend at London Metal Exchange helped base metal prices to strengthen.

Meanwhile, copper for three-month added 1.2 per cent to $6,860, nickel by 1.8 per cent to $21,500 and lead by 2.3 per cent at $1,793 a metric tonne on the London Metal Exchange.

Copper wire scrap, copper wire bar and copper mixed scrap were remained in demand and added another Rs 5 each to Rs 361, Rs 380 and Rs 339, while nickel (4x4) followed suit and traded higher by the same margin at Rs 885-999 per kg, respectively.

Lead ingot, lead imported and zinc ingot also rose further by Rs 3 each to Rs 122, Rs 124 and Rs 127 per kg, respectively.

Following were today's quotations in Rs per kg:

Tin ingot 795, zinc ingot 127.00, nickel plate (4x4) 885-999, gun metal scrap 226 bell metal scrap 228, copper wire scrap 361, copper wire bar 380, copper mixed scrap 340.00, Utensil scrap 224, Chadripital 175.

Lead ingot 121, lead imported 124, aluminium ingots 100, sheet cutting 101, aluminium wire scrap 100 and aluminium utensils scrap 100.