Indian Metals Steady, Recovery Seen

A steady trend was witnessed in the local non-ferrous metals market yesterday. Demand remained sluggish.

In virgin metals, all the metals ruled overall steady and were nominally quoted as under: copper wirebar Rs 117, aluminium ingots Rs 82, zinc slabs Rs 73.50, lead ingots Rs 39.50, tin slabs Rs 327 and nickel cathodes Rs 325 a kg respectively.

In scraps section, all metals ruled overall steady and were nominally quoted as under: copper heavy scraps Rs 106, copper utensils Rs 94.75, brass utensils Rs 82.75, brass sheetcuttings Rs 88.50, aluminium utensils ruled Rs 62.50 a kg.

They said industrial demand was sluggish, but limited supplies kept prices in a narrow range.

Closure of world markets for the Christmas vacation and the absence of market-moving news from abroad also kept market sentiment subdued in the local market, Sharad Parikh, President of Bombay Metal Exchange said.

Prices may recover next month on the back of fresh industrial support, Parikh said.

Meanwhile, Comex and Nymex precious metals were called to open little changed on Friday in what will be an abbreviated session. The London bullion markets are closed Friday for the Christmas and Boxing Day holidays, and Tocom precious metals markets were mixed in overnight trading.