Base metal prices strengthened by up to Rs 5 per kg in the local non-ferrous metal market today on increased buying support from stockists following a pick-up in industrial demand, in tandem with a firming trend on the London Metal Exchange (LME).
The trading sentiment in base metals was boosted as copper prices strengthened in global markets on improving demand from China and speculation that the US will announce additional measures to shore up its economy's recovery.
Meanwhile, copper for three-month delivery climbed by 1.2% to $8,820 a tonne on the LME.
In the national capital, copper wire scrap, copper wire bar and copper mixed scrap strengthened by Rs 2 each to Rs 525, Rs 548 and Rs 510, respectively.
Nickel followed suit and gained Rs 5 to Rs 1,075-1,077 per kg.
Zinc ingots, imported lead and lead ingots were also quoting higher by Re 1 each at Rs 137.50, Rs 146 and Rs 151 per kg, respectively.
The following are today's quotations in Rs per kg:
Tin ingot 835, zinc ingot 137.50, nickel plate (4x4) 1,075-1,077, gun metal scrap 226 bell metal scrap 228, copper wire scrap Rs 525, copper wire bar 548, copper mixed scrap 510, utensil scrap 224, chadripital 175
Lead ingot 146, lead imported 151, aluminium ingots 112, sheet cutting 113, aluminium wire scrap 112, aluminium utensils scrap 109
