Prices of copper and other base metals strengthened by Rs 8 at the non-ferrous metal market today, taking positive cues from global market amid pick up in industrial demand at domestic spot market.
Traders said sentiments turned better after the base metals strengthened at the London Metal Exchange (LME) as Glencore Plc announced a plan to cut zinc output by about a third, adding to signs that some commodity producers are willing to scale back supplies to combat slumping prices and boosting the prospects for a global deficit.
Besides, pick up in demand at the spot markets from consuming industries too influenced prices, they said.
Globally, at the LME, zinc for three-month delivery surged 4.8 per cent to USD 1,747 per tonne.
In the national capital, zinc ingot rose Rs 8 to Rs 114-120 per kg, while copper mixed scrap firmed Rs 5 to Rs 370 per kg.
In step with overall trend, nickel also traded Rs 5 higher at Rs 909-914 per kg.
Lead ingot and lead imported also recovered by Rs 3 each at Rs 105 and Rs 106 per kg, respectively.
Following are today's metal rates (in Rs per kg):
Zinc ingot Rs 114-120, Nickel plate (4x4) Rs 909-914, Gun metal scrap Rs 227, Bell metal scrap Rs 229, Copper mixed scrap Rs 370, Chadri deshi Rs 295.
Lead ingot Rs 105, Lead imported Rs 106, Aluminium ingots Rs 152, Aluminium sheet cutting Rs 148, Aluminium wire scrap Rs 148 and Aluminium utensils scrap Rs 146.
