Base metals up on global cues

Copper and other base metal prices rose up to Rs 10 per kg on the local non-ferrous metal market today on on fresh buying by stockists influenced by a firm trend at the London Metal Exchange (LME).

Trading sentiments turned bullish, as copper jumped to a record high in overseas markets after China's inflation reached a two-year high, prompting investors to buy commodities as a hedge against accelerating consumer prices.

Meanwhile, copper for three-month futures advanced 2.1 per cent to $8,945 a tonne, surpassing the previous peak of $8,940, set in July 2008 on the LME. 

In the national capital, copper wire scrap, copper wire bar and copper mixed scrap rose by Rs 5 each to Rs 451, Rs 475 and Rs 436, while nickel (4x4), followed suit and traded higher by the same margin to Rs 1,007-1,009 per kg.

Tin ingot also shot up by Rs 10 to Rs 820 per kg.

In line with a general firming trend, zinc ingot, lead ingot and lead imported were enquired higher by Rs 2 each to Rs 132.50, Rs 136 and Rs 138 per kg.

Following were today's quotations in Rs per kg: 

Tin ingot 820, zinc ingot 132.50, nickel plate (4x4) 1,007-1,009, gun metal scrap 226 bell metal scrap 228, copper wire scrap 451, copper wire bar 475, copper mixed scrap 436, 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