Base metals strengthen on global cues

Select base metals strengthened up to Rs 5 per kg on the local base metals market today on the back of a firming trend at the London Metal Exchange (LME), amid pick up in industrial demand.

Sentiments remained firm as copper advanced from London to Shanghai as expectations of improving demand outweighed concerns about Europe's debt crisis and more earthquakes in Japan. 

Meanwhile, copper for three-month-delivery rose by 0.6 per cent to $9,543 and nickel by 0.6 per cent to $26,500 a tonne on the LME.  

In the national capital, copper wire crap, copper wire bar and copper mixed scrap were remained in demand and added another Rs 2 each to Rs 506, Rs 529 and Rs 490 per kg, respectively.

Nickel (4x4) and tin ingot followed suit and gained Rs 5 each to Rs 1,049-1,051 and Rs 838 per kg.  

In line with a firming trend, zinc ingot, lead ingot and lead imported also traded higher by Re 1 each to Rs 128.50, Rs 135 and Rs 137 per kg, respectively.

Following were today's quotations per kg: 

Tin ingot 838, zinc ingot 128.50, nickel plate (4x4) 1,049-1,051, gun metal scrap 226 bell metal scrap 228, copper wire scrap 506, copper wire bar 529, copper mixed scrap 490, 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