Nickel plunges on heavy stockists selling, tin recovers

Nickel prices fell sharply at the non-ferrous metal market here today following heavy unwinding by stockists as well as reduced demand from alloy industries in the face of bearish overseas trend.
Copper and zinc also fell back owing to poor buying from consuming units.
Elsewhere, tin rose on the back of robust industrial demand amid supply pressure.
Brass and aluminium also regained on renewed buying support industrial users.
On the global front, trading sentiment remained on investors caution amid ongoing concerns over the health of China's economy with copper and nickel sliding to multi-month lows. Ample global supplies and rising inventories against the backdrop of strong dollar also weighed on.

Nickel tumbled by Rs 20 per per kg to Rs 1,160 from Tuesday's closing level of Rs 1,180.

Copper sheets cuting declined by Rs 3 per kg to Rs 457 as compared to Rs 460.
Copper scrap heavy and zinc slipped by Rs 2 per kg each to Rs 476 and Rs 186.
Copper cable scrap, copper armiture and copper wire bar also softened by a Re per kg each to Rs 486, Rs 463 and Rs 514.
However, tin jumped by Rs 10 per kg to Rs 1,530 as compared to overnight closing level of Rs 1,520.
Brass utensils scrap, aluminium ingots and aluminium utensils scrap also gained by a Re per kg to Rs 335, Rs 165 and Rs 134, respectively.