Select base metals recover on global cues

Select base metals recovered modestly at the non-ferrous metal market here today on emergence of fresh buying by stockists induced by a rebound on the London Metal Exchange (LME). 

Meanwhile, tin and nickel prices dropped further owing to consistent selling by stockists and traders coupled with reduced industrial demand. 

Copper scrap heavy went up by Rs 8 per kg to Rs 462 from its overnight closing level of Rs 454 and copper armature rose by Rs 7 per kg to Rs 450 as against Rs 443 previously.

Copper cable scrap and copper wire bar both firmed up by Rs 6 per kg each to Rs 470 and Rs 498 respectively, as compared to Rs 464 and Rs 492 yesterday.

Copper utensils scrap, copper sheets cutting, brass utensils scrap and brass sheets cutting, all moved up by Rs 5 per kge each to Rs 421, Rs 443, Rs 307 and Rs 318, respectively.   

Zinc also inched up by a rupee per kg each to Rs 134.

However, tin fell sharply by Rs 22 per kg to Rs 1,660 from yesterday's closing level of Rs 1,682 and nickel declined by Rs 15 per kg to Rs 1,370 against Rs 1,385 previously.