Base metals rise on global cues

Copper and other base metal prices rose up to Rs 5 per kg on the local non-ferrous metal market today on brisk buying by stockists influenced by a firm global trend.

Pick up in demand from consuming industries further fuelled the uptrend.

Sentiment remained bullish as copper in London and New York climbed to 28-month high, as investors sought alternatives to declining currencies amid prospects that economic growth will be sustained after the Federal Reserve expanded stimulus measures. 

Meanwhile, copper for three-month delivery on the London Metal Exchange gained 1.6 per cent to $8,801 a tonne, the highest level since July 2008.

In the national capital, copper wire scrap, copper wire bar and copper mixed scrap remained in demand and added another Rs 5 each to Rs 448, Rs 472 and Rs 433 per kg, respectively.

Nickel (4x4) followed suit and traded higher by the same margin to Rs 1,007-1,009 per kg.

In line with general firming trend, zinc ingot, lead ingot and lead imported were also traded higher by Rs 2 each to Rs 130.50, Rs 134 and Rs 136 per kg, respectively.

Following were today's quotations in Rs per kg:

Tin ingot 810, zinc ingot 130.50, nickel plate (4x4) 1,007-1,009, gun metal scrap 226 bell metal scrap 228, copper wire scrap 448, copper wire bar 472, copper mixed scrap 433, Utensil scrap 224, Chadripital 175

Lead ingot 134, lead imported 136, aluminium ingots 102, sheet cutting 105, aluminium wire scrap 102 and aluminium utensils scrap 102