Base metals strengthen on global cues

Select base metals strengthened by up to Rs 5 per kg on the non-ferrous metal market today on the back of increased industrial demand amid a firming trend at London Metal Exchange.

Trading sentiment remained better as copper gained in global markets on speculation that China's interest-rate increases may be close to an end, boosting the demand outlook from the biggest consumer.

Meanwhile, copper for three-month delivery advanced by 1.1% to $9,493, while nickel rose 1.6% to $25,805 a metric tonne on the London Metal Exchange.

In the national capital, copper wire crap, copper wire bar and copper mixed scrap were enquired higher by Rs 2 each to Rs 506, Rs 529 and Rs 490 per kg, respectively.

 

Nickel (4x4) and tin ingot also moved up by Rs 5 each to Rs 1,062-1,064 and Rs 847 per kg, respectively.

Following were today's quotations per kg:
    
Tin ingot 847, zinc ingot 129.50, nickel plate (4x4) 1,062-1,064, gun metal scrap 226 bell metal scrap 228, copper wire scrap 506, copper wire bar 529, copper mixed scrap 490, Utensil scrap 224, Chadripital 175.
    
Lead ingot 138, lead imported 140, aluminium ingots 102, sheet cutting 105, aluminium wire scrap 102 and aluminium utensils scrap 102.