Base metals recover on global cues

Copper and other base metal prices recovered up to Rs 5 per kg in the non-ferrous metals market today on fresh buying by stockists influenced by a firming trend at the London Metal Exchange.

Sentiment turned better after copper in London and New York climbed to their highest levels in almost 27 months. 

Meanwhile, copper for three-month delivery rose 1.6 per cent to $8,308 a metric tonne, the highest price since July 15, 2008. 

Traders said beside fresh buying by stockists on the back of firming trend at the London Metal Exchange mainly led to a recovery in copper and other base metal prices.  

 

In the national capital, copper wire scrap, copper wire bar and copper mixed scrap were rebounded by Rs 2 each to Rs 414, Rs 433 and Rs 394, while tin ingot gained Rs 5 to Rs 815 per kg, respectively.

Following were today's quotations in Rs per kg:

Tin ingot 815, zinc ingot 122.50, nickel plate (4x4) 973- 977, gun metal scrap 226 bell metal scrap 228, copper wire scrap 414, copper wire bar 433, copper mixed scrap 394.00, Utensil scrap 224, Chadripital 175

Lead ingot 124, lead imported 126, aluminium ingots 102, sheet cutting 105, aluminium wire scrap 102 and aluminium utensils scrap 102