Copper, nickel Prices recovers on global cues, spot demand

Written by PTI | New Delhi | Updated: Jan 22 2013, 22:39pm hrs
Copper and nickel prices rose up to Rs 5 per kg on the local non-ferrous metal market today, largely supported by a firming trend overseas and pick up in domestic demand.

Traders said sentiment turned better as copper and other base metals strengthened at the London Metal Exchange (LME) and European finance ministers approved the next disbursement of aid for Greece, raising demand outlook for base metals.

Meanwhile, copper for delivery in three months climbed as much as 0.7 per cent to USD 8,110 a tonne at the LME.

In the national capital, copper mixed scrap and nickel plate (4x4) rose by Rs 5 each at Rs 435 and Rs 1,070-1,073 per kg respectively.

In line with a general weak trend, lead ingot and lead imported traded higher by Re 1 each at Rs 142 and Rs 140 per kg, respectively.

The following are metal rates per kg: Zinc ingot 119-123, nickel plate (4x4) 1,070-1,073, gun metal scrap 227, bell metal scrap 229, copper mixed scrap 435, chadri deshi 285. Lead ingot 142, lead imported 140, aluminium ingots 132, sheet cutting 133, aluminium wire scrap 137 and aluminium utensils scrap 132.