Copper edges up on renewed offtake, global cues

Select copper prices gained in an otherwise sluggish non-ferrous metal market here today on good stockists buying amid renewed offtake from industrial users in the backdrop of higher global advices.
Meanwhile, tin and nickel fell on subdued demand from alloy industries.
The industrial metals copper trading higher nearly in three months at the LME in early trade, as markets reopened after a holiday weekend, underpinned by buying in top user China and expectations of monetary easing in Europe.
Copper cable scrap and copper wire bar moved up by Rs 2 per kg each to Rs 495 and Rs 523 from Monday's close of Rs 493 and Rs 521.

Copper scrap heavy, copper armature and copper utensils scrap all inched up by a Re per kg to Rs 488, Rs 479 and Rs 459, respectively.
However, tin dropped by Rs 8 per kg to Rs 1,605 from overnight close of Rs 1,613 and nickel declined by Rs 3 per kg to Rs 1,245 as against Rs 1,248 previously.
Brass sheet cutting and aluminium utensils scrap also softened by Re 1 per kg each to Rs 357 and Rs 128.