Nickel extends gains on firm global cues

Nickel extended gains for the fourth straight day by rising Rs 5 per kg on the local non- ferrous base metals market today largely in tandem with a firming trend overseas.
Other base metals including copper held steady in thin trade.
Traders said sentiment in nickel bolstered as it rallied to a two-year high in global markets, exceeding USD 20,000, as a plant closure in New Caledonia by Vale SA, fuelled global supply concerns already exacerbated by Indonesia's ore-export ban.
Meanwhile, nickel for delivery in three months added 3.9 per cent to USD 20,153 a metric tonne, the highest level since February 2012 on the London Metal Exchange.

In the national capital, nickel (4x4) advanced by Rs 5 to Rs 1,086-1,087 per kg.
The following were today's metal rates per kg:
Zinc ingot 117-123, nickel plate (4x4) 1,086-1,087 gun metal scrap 227, bell metal scrap 229, copper mixed scrap 435, chadri deshi 285.
Lead ingot 126, lead imported 124, aluminium ingots 148, Aluminium sheet cutting 149, aluminium wire scrap 151 and aluminium utensils scrap 148.