Mild gains

MARKET REVIEW/ DOMESTIC - NON-FERROUS METALS

Non-ferrous metals recovered in line with the London Metal Exchange (LME) and witnessed modest gains. LME prices suffered minor setbacks mid-week due to fears about inflation in the US, adding to the expectation of a raise in the benchmark US interest rate that would strenghten the dollar.

Nickel cathodes closed at Rs 585 per kilogram, up by Rs 15 from last Monday's close of Rs 570. It was stable till Wednesday, and gained Thursday onwards.

Copper wire bars closed higher by Rs 2 at Rs 173. Copper heavy scraps closed at Rs 148 up Rs 3. Copper utensil scraps ended at Rs 128 from Rs 125 last week.

Brass utensil scraps closed at Rs 102 against last week's Rs 100. Brass sheet cutting closed at Rs 107, up Rs 2 from last week. Aluminium utensil scraps closed at Rs 76 from Rs 77 last week. Lead ingots closed at Rs 49 from Rs 47.50.

Aluminium ingots closed unchanged at Rs 93 after falling to Rs 92.50.

Zinc slabs lost 25 paise from last week's Rs 71.50. Tin slabs closed at Rs 475, up Rs 14 from last week.