Copper, nickel prices strengthen on global cues

Copper and nickel prices firmed up to Rs 5 per kg on the local non-ferrous metal market today on increased industrial demand, amid firm trend at the London Metal Exchange (LME).

Sentiments remained bullish after copper advanced for a third day in London and Shanghai, as optimism over economic recovery in the US boosted demand for the metal.

Meanwhile, copper for three-month-delivery rose by 0.5 per cent to $9,247 and nickel by 0.6 per cent to $24,700 a tonne on the LME.

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 466, Rs 490 and Rs 451, while nickel (4x4) followed suit and traded higher by Rs 5 to Rs 1,020-1,022 per kg.

Following were today's quotations in Rs per kg:

Tin ingot 820, zinc ingot 132.50, nickel plate (4x4) 1,020-1,022, gun metal scrap 226 bell metal scrap 228, copper wire scrap 466, copper wire bar 490, copper mixed scrap 451, 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