Select base metals recover on global cues

Select base metals prices recovered up to Rs 5 per kg in the local non-ferrous metal market today on fresh buying by stockists in tandem with a firming trend at the London Metal Exchange.

Trading sentiment turned firm after copper climbed to a record in global markets on concern that the Federal Reserve may extend asset purchases to support the economy, driving the dollar lower and boosting the appeal of commodities as an alternative investment.

Meanwhile, copper for three-month delivery rose 0.6 per cent to $9,066 a metric tonne on the London Metal Exchange, surpassing the previous peak of $9,044 on December 7.

They said pick up in demand from consuming industries too supported the uptrend.

In the national capital, copper wire scrap, copper wire bar and copper mixed scrap were up by Rs 2 each to Rs 458, Rs 482 and Rs 443, while nickel (4x4) and tin ingot gained Rs 5 each to Rs 1,015-1,017 and Rs 825 per kg.

Following were today's quotations in Rs per kg:

Tin ingot 825, zinc ingot 131.50, nickel plate (4x4) 1,015-1,017, gun metal scrap 226 bell metal scrap 228, copper wire scrap 458, copper wire bar 482, copper mixed scrap 443, Utensil scrap 224, Chadripital 175

Lead ingot 135, lead imported 137, aluminium ingots 102, sheet cutting 105, aluminium wire scrap 102 and aluminium utensils scrap 102