Select base metals gains on good demand, global cues

Industrial metals surged at LME to 3-week high

Copper and brass gained at the non-ferrous metal market here today on stockists buying amidst good demand from industrial users, as well as on the backdrop of higher London Metal Exchange (LME) cues.

Meanwhile, tin, aluminium and zinc declined owing to lower offtake from consumer industries.

The industrial metals surged at the LME to three week high following US Federal Reserve decision to continue maintaining its monetary stimulus, sparking a rally in commodities.

Copper sheet cutting rose by Rs 4 per kg to Rs 485 from Tuesday's closing level of Rs 481 and brass sheet cutting edged up by Rs 2 per kg to Rs 356 from Rs 354 previously.

Copper cable scrap, copper armature and copper wire bar all inched up by Re 1 per kg each to Rs 507, Rs 486 and Rs 535, respectively.

However, tin dropped by Rs 5 per kg to Rs 1,565 from its overnight close of Rs 1,570 and aluminium utensils scrap slipped by Rs 3 per kg to Rs 122 as against Rs 125 previously.

Aluminium ingots and zinc also softened by Re 1 per kg each to Rs 149 and Rs 162.