Base metals rise on higher global trend

Prices of copper and other base metals rose up to Rs 5 per kg on the local non-ferrous metal market today in tandem with a firming trend at London Metal Exchange.

Trading sentiment turned better after copper climbed in global markets on concern supplies may lag behind demand, as inventories declined on expectation the Federal Reserve may take some more steps to boost economic growth.

Meanwhile, copper for three-month delivery rose 0.8 per cent to $8,790.50 a metric tonne, the highest price since November 12 on the London Metal Exchange.

Marketmen said besides firming trend in entire base metals at the London Metal Exchange, pick up in demand from consuming industries mainly attributed to the rise in base metal prices.

In the national capital, copper wire scrap, copper wire bar and copper mixed scrap traded higher by Rs 2 each to Rs 456, Rs 480 and Rs 441 per kg.

Nickel (4x4) and tin ingot followed suit and gained Rs 5 each to Rs 1,010-1,012 and Rs 820 per kg.

In line with a general firming trend, zinc ingot, lead ingot and lead imported were also enquired higher by Rs one each to Rs 131.50, Rs 135 and Rs 137 per kg.

Following were today's quotations in Rs per kg:

Tin ingot 820, zinc ingot 131.50, nickel plate (4x4) 1,010-1,012, gun metal scrap 226 bell metal scrap 228, copper wire scrap 456, copper wire bar 480, copper mixed scrap 441, Utensil scrap 224, Chadripital 175.

Lead ingot 135, lead imported 137, aluminium ingots 102, sheet cutting 105, aluminium wire scrap 102 and aluminium utensils scrap 102.