Base metals extend gains on global cues, spot demand

Base metal prices rose further by up to Rs 5 per kg at the non-ferrous metal market today, tracking a firming trend overseas amid increased demand from consuming industries.
Traders said sentiment remained firm on the back of a firm global trend where copper surged to its highest level since early May, briefly topping USD 5,000 per tonne, on expectations that policy makers are gearing up for economic stimulus that will buoy demand materials.
Globally, copper for delivery in three months climbed 3.4 per cent to USD 5,032 per tonne at the LME, while in Shanghai, soared 5.3 per cent.

Furthermore, rising demand from consuming industries at domestic spot market supported the upside, they said.
In the national capital, copper mixed scrap and nickel plate (4x4) moved up by Rs 2 and Rs 5 to Rs 376 and Rs 855-860 per kg, respectively.
Zinc ingot, lead ingots and lead imported also traded higher by Rs 2 each to Rs 100-106, Rs 86 and Rs 92 per kg, respectively.

Aluminium ingots, sheet cutting, wire scrap and utensils scrap too finished higher by Rs 2 each to Rs 154, Rs 150, Rs 150 and Rs 148 per kg, respectively.
Following are today's metal rates (in Rs per kg):

Zinc ingot Rs 100-106, Nickel plate (4x4) Rs 855-860, gun metal scrap Rs 227, Bell metal scrap Rs 229, copper mixed scrap Rs 376, chadri deshi Rs 295.
Lead ingot Rs 86, lead imported Rs 92, aluminium ingots Rs 154, aluminium sheet cutting Rs 150, aluminium wire scrap Rs 150 and aluminium utensils scrap Rs 148.