Base metals remain up on higher global trend

Base metal remained firm and prices gained up to Rs 5 per kg in the local non-ferrous metal market today on increased buying by stockists due to pick-up in demand from consuming industries amid firming global trend.

Trading sentiment remained better after copper gained in overseas markets, after the US reported an unexpected drop in jobless claims, easing concerns that the economy is stalling.

Meanwhile, copper for three-month delivery gained 1.2% to $8,990 a tonne on the London Metal Exchange.  

Traders said besides firming global trend, increased buying by stockists on pick-up in demand from consuming industries, mainly strengthens base metal prices.  

 

In the national capital, copper wire scrap, copper wire bar and copper mixed scrap were remained in demand and added another Rs 2 each to Rs 519, Rs 542 and Rs 502 per kg, respectively.

Nickel (4x4) followed suit and gained Rs 5 to Rs 1,065-1,067 per kg.

In line with a general firming trend, zinc ingot, lead ingot and lead imported also traded higher by Rs 2 each to Rs 134.50, Rs 142 and Rs 147 per kg, respectively.

Following were today's quotations in Rs per kg:

Tin ingot 835, zinc ingot 134.50, nickel plate (4x4) 1,065-1,067, gun metal scrap 226 bell metal scrap 228, copper wire scrap 51, copper 519, wire bar 542, copper mixed scrap 502, utensil scrap 224, chadripital 175

Lead ingot 144, lead imported 147, aluminium ingots 110, sheet cutting 111, aluminium wire scrap 110 and aluminium utensils scrap 107