Base metals rise on strong global cues

Base metal prices firmed up to Rs 10 per kg on the local non-ferrous metal market today on increased industrial demand, amid a firming trend at the London Metal Exchange (LME).

Sentiments turned better as copper advanced in global markets after US new-home sales topped estimates and the Federal Reserve maintained stimulus efforts, bolstering the demand outlook for base metals. Tin reached a record and nickel climbed to a nine-month high.

Meanwhile, copper for three-month delivery gained 1.3 per cent to $9,447.75 a tonne on the LME.

In the national capital, copper wire scrap, copper wire bar and copper mixed scrap were up Rs 5 each at Rs 488, Rs 511 and Rs 472 per kg, respectively.  

Nickel (4x4) and tin ingot followed suit and shot up by Rs 10 each to Rs 1,040-1,042 and Rs 830 per kg, respectively. 

In line with a firming trend, zinc ingot, lead ingot and lead imported were up by Rs 2 each to Rs 131.50, Rs 136 and Rs 138 per kg, respectively.

Following were today's quotations in Rs per kg:

Tin ingot 830, zinc ingot 131.50, nickel plate (4x4) 1,040-1,042, gun metal scrap 226 bell metal scrap 228, copper wire scrap 488, copper wire bar 511, copper mixed scrap 472, Utensil scrap 224, Chadripital 175

Lead ingot 136, lead imported 138, aluminium ingots 102, sheet cutting 105, aluminium wire scrap 102 and aluminium utensils scrap 102