Base metals extend gains on global cues

Jan 03 2013, 15:16 IST
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SummaryBase metal prices extended gains up to Rs 3 per kg on the local non-ferrous metal market.

Base metal prices extended gains up to Rs 3 per kg on the local non-ferrous metal market today on increased buying by stockists in line with a firming global trend.

Sentiments remained higher after copper rose in global markets, as expansion in ChinaŅs services industries boosted optimism that the biggest consumer can sustain an economic rebound this year.

Meanwhile, copper for delivery in 3 months rose 0.4 per cent to USD 8,240 a metric tonne on the London Metal Exchange.

In addition, increased buying by stockists on pick up in demand from consuming industries further fuelled the uptrend.

In the national capital, copper mixed scrap and nickel (4x4) advanced by Rs 2 and Rs 3 to Rs 423 and Rs 1,055-1,058 per kg respectively.

Zinc ingot, lead ingot and lead imported were also inched up by Rs 2 each to Rs 119-123, Rs 147 and Rs 145 per kg respectively.

The following are metal rates per kg: Zinc ingot 119-123, nickel plate (4x4) 1,055-1,058, gun metal scrap 227, bell metal scrap 229, copper mixed scrap 423, chadri deshi 285.

Lead ingot 147, lead imported 145, aluminium ingots 132, sheet cutting 133, aluminium wire scrap 137 and aluminium utensils scrap 132.

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