Copper, nickel rise on pick up in global demand

Copper and nickel prices rose by Rs 5 per kg in the local non-ferrous metal market today on rising demand from consuming industries amid firming trend at London Metal Exchange.

Traders said rising demand from consuming industries and firming trend at London Metal Exchange on hopes that global economic recovery would boost demand outlook, mainly pushed up copper and nickel prices.

Meanwhile, copper for three-month delivery climbed 0.5 per cent to $10,097 a metric tonne on the London Metal Exchange. 

In the national capital, copper wire scrap, copper wire bar and copper mixed scrap were up by Rs 5 each to Rs 518, Rs 541 and Rs 502 per kg, respectively.  

Nickel (4x4) followed suit and traded higher by the same margin to Rs 1,057-1,059 per kg.

Following were today's quotations in Rs per kg:

Tin ingot 840, zinc ingot 133.50, nickel plate (4x4) 1,057-1,059, gun metal scrap 226 bell metal scrap 228, copper wire scrap 518, copper wire bar 541, copper mixed scrap 502, Utensil scrap 224, Chadripital 175

Lead ingot 138, lead imported 140, aluminium ingots 102, sheet cutting 105, aluminium wire scrap 102 and aluminium utensils scrap 102