Copper, nickel recover on global cues

Copper and nickel regained strength to trade up to Rs 5 per kg higher on the local non-ferrous metal market today, largely supported by firming trend at the London Metal Exchange (LME) after a weak dollar boosted demand for commodities. 

Trading sentiment turned better, as copper rebounded from a two-day drop in global markets as the dollar weakened.

They said fears of supply disruptions following a labour problem at the world's fourth-largest mine at Chile, also supported the upside.

Meanwhile, copper for three-month delivery gained 0.7 per cent to $8,354.50 and nickel by 0.6 per cent to $22,930 a metric tonne at the LME.

In the national capital, copper wire scrap, copper wire bar and copper mixed scrap were recovered by Rs 2 each to Rs 434, Rs 453 and Rs 414 per kg, respectively.

Nickel (4x4) followed suit and up by Rs 5 to Rs 990-992 per kg.

Following were today's quotations in Rs per kg:

Tin ingot 810, zinc ingot 126.50, nickel plate (4x4) 990-992, gun metal scrap 226 bell metal scrap 228, copper wire scrap 434, copper wire bar 453, copper mixed scrap 414, Utensil scrap 224, Chadripital 175

Lead ingot 128, lead imported 130, aluminium ingots 102, sheet cutting 105, aluminium wire scrap 102 and aluminium utensils scrap 102.