Base metals price strengthen on global cues

Updated: Feb 4 2013, 22:47pm hrs
Tracking a firm global trend, base metal prices rose upto to Rs 6 per kg at the local non-ferrous metal market today on stockists buying in tandem with a firm global trend.

Sentiment bolstered after copper advanced to a four-month high in global markets as lead, tin and aluminium rallied on signs that China and the US are recovering, boosting the outlook for base metals' demand in the worlds two largest economies. Meanwhile, copper for three-month delivery rose 0.7 per cent to USD 8,346 a tonne at the London Metal Exchange, the highest level since October 5.

In the national capital, copper and nickel (4x4) rose Rs 4 and Rs 6 to Rs 450 and Rs 1,080-10,83 per kg, respectively.

Zinc ingot, lead ingot and lead imported were also enquired higher by Rs 2 each to Rs 127-133, Rs 149 and Rs 147 per kg respectively.

The following are metal rates per kg: Zinc ingot 129-133, nickel plate (4x4) 1,080-1,083, gun metal scrap 227, bell metal scrap 229, copper mixed scrap 450, chadri deshi 285.

Lead ingot 149, lead imported 147, aluminium ingots 134, sheet cutting 135, aluminium wire scrap 139 and aluminium utensils scrap 134.