Copper, nickel rise on increased demand, global cues

Prices of copper and nickel rose by Rs 2 per kg in the wholesale non-ferrous metal market today on increased demand from consuming industries amid firming trend at the London Metal Exchange.

Buying activity picked up after copper gained for the third day in London as declining metal inventories, monitored by exchanges, triggered speculative demand.

Meanwhile, copper rose by 0.5 per cent to 46,672 and nickel by 0.2 per cent at $19,167 a metric tonne on the London Metal Exchange on falling stockpiles.

Traders said besides, firming trend at the London Metal Exchange, increased demand from consuming industries mainly led to a rise in copper and nickel prices.

In the national capital, copper wire scrap, copper wire bar and copper mixed scrap remained in demand and added Rs 2 each Rs 364, Rs 383 and Rs 342, while nickel (4x4) traded higher by the same margin at Rs 867-981 per kilo, respectively.

Following were today's quotations in Rs per kg:

Tin ingot 795, zinc ingot 120.50, nickel plate (4x4) 867 -981, gun metal scrap 226 bell metal scrap 228, copper wire scrap 364, copper wire bar 383, copper mixed scrap 342, utensil scrap 224, Chadripital 175.

Lead ingot 116.50, lead imported 119.50, aluminium ingots 100, sheet cutting 103, aluminium wire scrap 100 and aluminium utensils scrap 100.