Base metals jump on global cues

Led by copper, most of the base metals jumped at the non-ferrous metal market here today on heavy stockist buying amidst surging demand from industrial users, triggered by higher London Metal Exchange (LME) cues.
The market today opened after a gap of more than a month due indefinite strike called by traders in protest against Local Body Tax (LBT) imposed by the government.
Meanwhile, nickel and tin prices dropped due to selling amidst subdued demand from alloy industries.
The industrial metals climbed to near two week-high, supported by indications the US Federal Reserve would continue its bond-buying scheme, a key driver of investment in global commodities.

Copper cable scrap and copper wire bar spurted by Rs 21 per kg each to Rs 480 and Rs 508 from previous closing level of Rs 459 and Rs 487.
Copper scrap heavy and copper sheet cutting shot-up by Rs 19 per kg each to Rs 472 and Rs 462 from Rs 453 and Rs 443.

Copper armiture surge by Rs 17 per kg to Rs 462 from Rs 445, copper utensil scrap by Rs 12 to Rs 437 from Rs 425, and brass utensils scrap by Rs 8 to Rs 323 from Rs 315.
Lead moved up by Rs 3 per kg to Rs 142 from Rs 139, Aluminium utensil scrap and zinc by Rs 2 per kg each to Rs 115 and Rs 140 from Rs 113 and Rs 138 respectively.

Brass sheet cutting also inched up by a rupee per kg to Rs 331.
However, nickel slumped by Rs 10 per kg to Rs 980 as against Rs 990 previously and tin fell by Rs 5 per kg to Rs 1,325 from Rs 1,330.