The Hindu Business Line : Metal makers hike prices

MUMBAI: Despite the announcement of five per cent duty reduction on base metals proposed in the Union Budget 2005-06, major base metals producers in the country have increased their sale prices for the current month.

The reason behind is that base metals prices at LME, especially copper, are ruling higher.

"Major copper producers have decided to raise their prices for the current month in line with LME market. Copper prices at LME have risen 4.5 per cent last month," a local trader said.

Major copper producers including Sterlite and Birla Copper has decided to increase their final price for February month by around Rs 4.20 to Rs 182.522 a kg from 178.324 for copper cathode category.

CC rods (8 mm) prices also revised upward by Rs 4.18 to Rs 187.876 a kg from Rs 183.687 for the February month.

Similarly, the Bombay Metals Exchange (BME) has revised its benchmark price of copper wire bar upward by Rs 3.46 a kg to Rs 192.963 from Rs 189.494 a kg for the current month following continued firmness in LME market.

HZL was expected to announce revised prices of zinc and lead metals on Wednesday, a trader said.

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