Select base metals strengthen on global cues

Select base metals prices firmed up to Rs 2 per kg on the local non-ferrous metal market today on increased buying by stockists, driven by firming trend at London Metal Exchange (LME).

Sentiment remained firm as copper in London climbed after Japan joined China in buying euro-area bonds, easing concerns that Europe's debt crisis may derail the global economic recovery. 

Meanwhile, copper for three-month delivery gained 0.9 per cent to $9,594 a tonne on the LME.

Traders said beside rising trend at LME, increased buying by stockists on pick-up in demand from consuming industries helped base metal prices to strengthen.

In the national capital, copper wire scrap, copper wire bar and copper mixed scrap were remained in demand and advanced by Rs 2 each to Rs 481, Rs 505 and Rs 466 per kg, respectively.

Zing ingot, lead ingot and lead imported were also traded higher by Re one each to 133.50,138 and Rs 140 per kg, respectively.

Following were today's quotations in Rs per kg:

Tin ingot 820, zinc ingot 133.50, nickel plate (4x4) 1,022-1,024, gun metal scrap 226 bell metal scrap 228, copper wire scrap 481, copper wire bar 505, copper mixed scrap 466, Utensil scrap 224, Chadripital 175

Lead ingot 138, lead imported 140, aluminium ingots 102, sheet cutting 105, aluminium wire scrap 102 and aluminium utensils scrap 102