Nickel recovers modestly on renewed offtake

Nickel prices gained in an otherwise somewhat mixed non-ferrous metal market here today due to renewed offtake from alloy industries on the back of higher London Metal Exchange (LME) advices.
Elsewhere, select aluminium, zinc and lead also moved up on better demand.
Meanwhile, select copper, brass and tin slid further on subdued demand from industrial users.
The industrial metals regained after previous session fall, though traders remained cautious ahead of data from Europe and US that could reignite global growth worries.
Nickel prices spurted by Rs 5 per kg to Rs 1,005 from Monday's closing level of Rs 1,000 and zinc edged up by Rs 2 per kg to Rs 140 from Rs 138.

Aluminium ingots, aluminium utensils scrap and lead also inched up by a rupee per kg each to Rs 138, Rs 112 and Rs 140, respectively.

However, tin dropped by Rs 5 per kg to Rs 1,370 from overnight close of Rs 1,375 and copper sheet cutting fell by Rs 4 per kg to Rs 450 from Rs 454 yesterday.
Brass sheet cutting eased by Rs 3 per kg to Rs 327 from previous closing level Rs 330.
Copper armiture and brass utensils scrap eased by Rs 2 per kg to Rs 456 and Rs 317 as against Rs 458 and Rs 319 previously.

Copper scrap heavy also softened by a rupee per kg to Rs 467.