Select base metals strengthen on stockists' buying, Asian cues

Select base metal prices firmed up by Rs 2 per kg at the non-ferrous metals market today on fresh buying by stockists and higher Asian cues.

Traders said fresh buying by stockists following uptick in demand from consuming industries at domestic spot market and a firm trend at Asian markets as inventories in China hit their lowest in a decade.

Zinc inventories in warehouses monitored by the ShFE ZN-STX-SGH fell 11.8 per cent last week to 30,800 tonnes, their lowest since October 2007. Stocks in warehouses

approved by the LME have fallen for eight straight days.

Meanwhile, the most-traded zinc on the Shanghai Futures Exchange, for October, climbed 2.2 per cent to 21,385 yuan (USD 3,111.00) a tonne, its highest since August 10.

 

However, the London Metal Exchange is closed today for a public holiday.

In the national capital, copper mixed scrap and zinc ingot moved up by Rs 2 each to Rs 442 and Rs 135-141 per kg respectively.

Lead ingot and lead imported also enquired higher by a similar margin to Rs 144 and Rs 151 per kg respectively.

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

Zinc ingot Rs 135-141, nickel plate (4x4) Rs 928-930, gun metal scrap Rs 227, bell metal scrap Rs 229, copper mixed scrap Rs 442, chadri deshi Rs 295.

Lead ingot Rs 144, lead imported Rs 151, aluminium ingots Rs 168, aluminium sheet

cutting Rs 164, aluminium wire scrap Rs 164 and aluminium utensils scrap Rs 162.