SG:Indian copper rebounds on higher industrial offtake
PTI reported that Indian copper prices recovered smartly at the nonferrous metal market due to heavy demand from stockists and industrial users despite weak trend in London Metal Exchange.
Brass also moved up slightly on better demand from alloy industries. Meanwhile, nickel and aluminum prices declined owing to subdued offtake from consumer industries.
Copper cable scrap and copper wire bar spurted by INR 7 per kilogram each to INR 463 and INR 491 from overnight closing level of INR 456 and INR 484. Copper armiture and copper utensils scrap both rose by INR 5 per kilogram each to INR 445 and INR 421 respectively as compared to INR 440 and INR 416.
Copper scrap heavy gained by INR 4 per kilogram to INR 454 as against INR 450 previously. Copper sheet cutting edged up by INR 2 per kilogram to INR 437 and brass utensils scrap also inched up by a rupee per kg to INR 306.
