Base metals shine on positive global cues, spot demand

Base metal prices rose by up to Rs 5 per kg at the non-ferrous metals market today, tracking a firm trend overseas amid pick-up in demand from consuming industries.

Traders said sentiment bolstered after London copper ticked higher today as the dollar weakened against a basket of major currencies.

Meanwhile, three-month copper was up 0.2 per cent at USD 6,190 a tonne on the London Metal Exchange. Also the most-traded October copper contract on the Shanghai Futures Exchange rose 0.3 per cent to 49,550 yuan (USD 7,286) a tonne.

Besides, an uptick in demand from consuming industries at the domestic spot market supported the uptrend, they said.

In the national capital, copper mixed scrap and nickel plate (4x4) rose by Rs 3 and Rs 5 to Rs 435 and Rs 910-913 per kg, respectively.

Zinc ingot, lead ingot and lead imported also enquired higher by Rs 2 each to Rs 133-139, Rs 138 and Rs 145 per kg, respectively.

Following are today's metal rates (in Rs per kg):