Base metals strengthen on global cues

Base metals prices rose up to Rs 2 per kg in the local non-ferrous metal market today on fresh buying by stockists, influenced by a firming trend at the London Metal Exchange.

Trade sentiments turned better after copper rebounded in London and expectations that it may advance as investors remained optimistic about this year's outlook for demand.

Meanwhile, copper for three-month delivery traded at $9,539, while nickel rose 0.5 per cent to $26,350 a metric tonne on the London Metal Exchange. 

In the national capital, copper wire crap, copper wire bar and copper mixed scrap gained Rs 2 each to Rs 500, Rs 523 and Rs 484, respectively.

Nickel (4x4) followed suit and traded higher by the same margin to Rs 1047-1049 per kg.

Zinc ingot, lead ingot and lead imported were also enquired higher by Rs one each to Rs 127.50, 134 and Rs 136 per kg, respectively. 

Following were today's quotations per kg:

Tin ingot 838, zinc ingot 127.50, nickel plate (4x4) 1,047-1,049, gun metal scrap 226 bell metal scrap 228, copper wire scrap 500, copper wire bar 523, copper mixed scrap 484, Utensil scrap 224, Chadripital 175

Lead ingot 133, lead imported 135, aluminium ingots 102, sheet cutting 105, aluminium wire scrap 102 and aluminium utensils scrap 102