Copper rises on higher global cues

Copper strengthened by Rs 2 per kg on the local non-ferrous metal market today on pick-up in industrial demand, amid firming global trend.

Buying activity in copper gathered momentum as copper jumped to a record in New York, extending a second annual advance, on speculation that supply will lag behind demand as the global economic recovery gathers pace.

Meanwhile, Copper for March delivery on the Comex in New York gained 0.8 per cent, to $4.4825 a pound, the highest ever for a most-active contract.

Copper wire scrap, copper wire bar and copper mixed scrap were up by Rs 2 each to Rs 478, Rs 502 and Rs 463 per kg, respectively.

Following were today's quotations in Rs per kg: 

Tin ingot 820, zinc ingot 134.50, nickel plate (4x4) 1,022-1,024, gun metal scrap 226 bell metal scrap 228, copper wire scrap 478, copper wire bar 502, copper mixed scrap 463, Utensil scrap 224, Chadripital 175

Lead ingot 139, lead imported 141, aluminium ingots 102, sheet cutting 105, aluminium wire scrap 102 and aluminium utensils scrap 102