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Base metals rise on firm global cues, spot demand

Press Trust of India  |  New Delhi 

Base prices rose by up to Rs 5 per kg at the non-market today in tandem with a firm trend overseas amid increased demand from consuming industries.

Traders said sentiment remained firm as a copper prices in and rose with investors lured to buy low after a trade war-fuelled sell-off last week.

The on Friday slapped tariffs on USD 34 billion of goods from top consumer China, which responded in kind. Fears that the spat could dampen demand for industrial weighed on the copper prices.

Globally, copper for delivery in three-months rose by 0.5 per cent to USD 6,423 a tonne, extending a 1.7-per cent gain from the previous session on the Exchange.

Also, the most-traded September copper contract added 0.7 per cent to reach 49,890 yuan (USD 7,545.03) a tonne on the Futures Exchange.

Besides, pick up in demand from consuming industries at domestic spot market supported the uptrend.

In the national capital, copper mixed scrap and nickel plate (4x4) advanced by Rs 2 and Rs 5 to Rs 432 and Rs 892-895 per kg, respectively.

Zinc ingot, lead ingot and lead imported also enquired higher by Rs 2 each to Rs 135-141, Rs 140 and Rs 147 per kg, respectively.

Following are today's rates (in Rs per kg):

Zinc ingot Rs 135-141, nickel plate (4x4) Rs 892-895, gun metal scrap Rs 227, bell metal scrap Rs 229, copper mixed scrap Rs 432, chadri deshi Rs 295.

Lead ingot Rs 140, lead imported Rs 147, aluminium ingots Rs 168, aluminium sheet cutting Rs 164, aluminium wire scrap Rs 164 and aluminium utensils scrap Rs 162.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Tue, July 10 2018. 15:00 IST