Select base metals recover on global cues

Select base metals recovered moderately at the non-ferrous metal market here today on renewed stockist buying as well as good industrial offtake on the back higher London Metal Exchange (LME) cues. Meanwhile, tin and nickel declined owing to lower demand from alloy industries. The industrial metals trading bullish amid strong Chinese trade data boosting optimism over global growth. Copper cable scrap and copper wire bar both rose by Rs 3 per kg each to Rs 497 and Rs 525 from overnight close of Rs 494 and Rs 525. Copper sheet cuttings, brass utensils scrap, brass sheet cuttings and aluminium utensils scrap all moved up by Rs 2 per kg to Rs 471, Rs 326, Rs 335 and Rs 116 from Rs 469, Rs 333, Rs 144 and Rs 114, respectively. Copper scrap heavy and aluminium ingots also inched up by Re 1 per kg each to Rs 486 and Rs 145. However, nickel dropped by Rs 5 per kg to Rs 1,105 from previous close of Rs 1,110 and Tin edged down by Rs 2 per kg to Rs 1,460 from Rs 1,462.