Select base metals recover on global cues

Select base metals recovered slightly at the non-ferrous metal market here today fresh stockist offtake amidst firming trend in London Metal Exchange (LME). 

The industrial metals gained in LME after rebound in Tokyo stocks resulting positive Asian financial markets and news about future reconstruction activity, though the investors were on edge due to quake-stricken nuclear-plant situations in Japan.   

Meanwhile, nickel and tin prices declined due to lower demand from alloy industries. 

Brass utensils scrap moved up by Rs 3 per kilo to Rs 307 from overnight closing level of Rs 304.  

Copper cables scrap, copper armiture, copper wire bar and copper sheet cutting all edged up by Rs 2 per kilo to Rs 460, Rs 443, Rs 488 and Rs 437 respectively.

Copper scrap heavy and copper utensils scrap inched up by a rupee per kilo to Rs 450 and Rs 422. 

However, nickel dropped by Rs 10 per kilo to Rs 1,320 from yesterday's closing level of Rs 1,330 and tin fell by Rs 5 per kilo to Rs 1,575 as against Rs 1,580 previously.