The Hindu Business Line : Base metals strengthen on firm global cues

NEW DELHI: Base metals on Thursday firmed up and added up to Rs 5 per kg in the national Capital on the back of strong global trend. Pick up in demand by consuming industries and fall in stockpiles further fuelled buying support in the metal prices. Tr ading sentiment turned better as copper futures in Shanghai jumped by the exchanges daily limit as rising equity markets and declining stockpiles fueled speculation demand is recovering. They said decline in London-monitored copper's stockpiles, which h ave fallen 18 per cent this month to 4,11,450 tonnes, too influenced the sentiments.

Copper wire scrap, copper super D rod , copper wire bar and copper mixed scrap remained in demand and added another Rs 2 each at Rs 246,Rs 268, Rs 269 and Rs 224 per kg respectively. Zinc ingot, lead ingot and lead imported also moved up by Rs 2 each to Rs 76, Rs 80 and Rs 90 per kg respectively. In line with other metals, nickel (4x4) rose further by Rs 5 to Rs 672-832 per kg respectively. Following were today's quotations Rs per kg: Tin ingot 705, zinc ingot 76.00, nickel plate (4x4) 672-832, gun metal scrap 225 bell metal scrap 230, copper wire scrap 246.00, copper super D rod 268.00, copper wire bar 269, copper mixed scrap 224.00, Utensil scrap 219, Chadripital 170. Lead ingot 80, lead imported 90, aluminium ingots 104, sheet cutting 100, alu minium wire scrap 100 and aluminium utensils scrap 90. - PTI

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