Rally continues

DOMESTIC REVIEW/ NON-FERROUS METALS

Non-ferrous metals continued to rise for the third week in a row, with healthy trading in the domestic market on the back of soaring prices of copper and aluminium on the London Metal Exchange (LME).

Copper's high on LME was caused by the inventory shortage among the metals.

Nickel cathodes rose for the third week in a row, from Rs 810 per kilogram, to Rs 850 the previous week.

Copper wire bars shot up to Rs 207 from Rs 196 the previous week. Copper heavy scraps closed at Rs 179 from Rs 170 last week.

Copper utensil scraps increased from Rs 151 last week to Rs 158. The price fell to Rs 150 on Tuesday and subsequently rose to Rs Rs 152 on Thursday. Brass utensil scraps displayed the same trend as well and closed at Rs 118 from Rs 114 last week.

Brass sheet cutting closed at Rs 126 from Rs 122 while Aluminium utensil scraps closed at Rs 84 after remaining steady at the price all of the past week.

The price of aluminium ingots closed at Rs 100, flat from the previous week.

Zinc slabs closed at Rs 69 up by Re 1.50 from last week while Tin slabs closed at Rs 550 up by Rs 10 from last week.

Copper light scraps traded at Rs 174 up at the end of the week, from Rs 167 on Monday. Copper sheet cutting closed at Rs 165 from Rs 159 last week.