Base metals bounce back on global cues

Taking positive cues from global markets, prices of select base metals rebounded upto Rs 4 per kg at the local non-ferrous metals market today.
Besides, rising demand from consuming industries influenced prices.
Traders said sentiments bolstered after base metals led by aluminum climbed in the overseas markets on speculation that recent price declines were excessive.
Meanwhile, aluminum for delivery in three months rose 0.7 per cent to USD 2,005 a metric tonne on the London Metal Exchange.
In the national capital, copper mixed scrap and nickel (4x4) rose by Rs 2 and Rs 4 to Rs 434 and Rs 1,102-1,108 per kg, respectively.

Zing ingot, lead ingot and lead imported were also traded higher by Rs 2 each to Rs 114-120, Rs 111 and Rs 109 per kg, respectively.

Aluminium ingots, sheet cutting, wire scrap and utensils scrap were too traded in positive zone with a rise of Rs 2 each to 168, Rs 169, Rs 171 and Rs 168 per kg respectively.
Following are today's metal rates (in Rs per kg):
Zinc ingot 114-120, Nickel plate (4x4) 1,102-1,108, Gun metal scrap 227, Bell metal scrap 229, Copper mixed scrap 434, Chadri deshi 285.
Lead ingot 111, Lead imported 109, Aluminium ingots 168, Aluminium sheet cutting 169, Aluminium wire scrap 171 and Aluminium utensils scrap 168.