LME sets the trend

DOMESTIC/ NON-FERROUS METALS

Non-ferrous metals witnessed gains in tandem with the London Metal Exchange (LME). Metals on LME had a mixed week, with prices dropping early in the week with hints of a rising dollar, but recovering later on the news that Chinese would not raise interest rates to cool down its economy.

Nickel cathodes closed at Rs 610 per kilogram, up by Rs 35 from last Monday's close of Rs 585. The price fell on Tuesday to Rs 573 before rising.

Copper wire bars closed higher by Rs 4 from last week to hit Rs 177. Copper heavy scraps closed at Rs 150 higher by Rs 2 from last week.

Copper utensil scraps ended trade at Rs 131 from Rs 128 last last week. It lost Rs 1on Tuesday and stagnated till Thursday before gaining.

Brass utensil scraps closed at Rs 104 , up from from last week's Rs 102 after a fall to Rs 101 on Tuesday. Brass sheet cutting closed at Rs 109, up by Rs 2 from last week.

Aluminium utensil scraps closed at Rs 77 against Rs 76.50 last week. Lead ingots closed at Rs 50 from Rs 49 last Monday after steady gains all week.

Aluminium ingots closed at Rs 94, up by Rs 1 from last week. Zinc slabs rose to Rs 74 from Rs 71.25 last week. Tin slabs closed at Rs 515, up from Rs 475 last week.