Select metals spike on heavy stockists buying

Nickel prices rallied at the non-ferrous metal market here today on the back of heavy stockists demand as well as good offtake from alloy industries amid worries over supply tightness following Indonesia's ban on ore exports.
Tin recovered due to fresh buying support from industrial users.
Copper sheets cutting and aluminium utensils also edged higher on increased buying from consuming industries.
While, copper utensils scarp, aluminium ingots, copper cable, copper wire bar, brass utensils scrap and lead moved down due to lack of industrial demand.
Globally, industrial metals rallied further at the London Metal Exchange (LME) in early trade with nickel prices scaling to fresh one-year high after the minutes from the Federal Reserve's March policy meeting revealed that the prospect US interest rates may not rise as soon as anticipated, triggering heavy stockists buying.

Nickel shot-up by Rs 18 per kilo to Rs 1,098 from Wednesday's closing level of Rs 1,080 and tin rose by Rs 5 per kilo to Rs 1,580 as against Rs 1,575.

Copper sheets cutting edged up by Rs 2 per kilo to Rs 477 and aluminium utensils scrap inched up by a rupee per kilo to Rs 129.
However, copper utensils scrap and aluminium ingots moved down by Rs 2 per kilo each to Rs 462 and Rs 150 respectively.
Copper cable scrap, copper wire bar, brass utensils scrap and lead also softened by a rupee per kilo each to Rs 490, Rs 518, Rs 351 and Rs 142.