BS:Base metals recover on good demand, global cues
Most of the base metals recovered smartly at the non-ferrous metal market here today on fresh stockist buying amidst good demand from industrial users triggered by higher London Metal Exchange (LME) cues.
Meanwhile, nickel fell further on selling due to subdued demand from alloy industries.
The industrial metals climbed at the LME, with Federal Reserve Chairman Ben Bernanke reaffirming support for ultra- easy monetary policy that has been underpinning demand for commodities.
Copper scrap heavy surged by Rs 5 per kg to Rs 492 from Tuesday's closing level of Rs 487.
Copper cable scrap, copper utensils scrap, copper wire bar and lead all moved up by Rs 2 per kg each to Rs 499, Rs 454, Rs 527 and Rs 131 as against Rs 497, Rs 452, Rs 525 and Rs 129.
Brass sheet cutting, aluminium ingots, aluminium utensils scrap and zinc all inched up by Re 1 per kg each to Rs 351, Rs 150, Rs 122 and Rs 160, respectively.
However, nickel slid by Rs 5 per kg to Rs 1,005 from overnight close of Rs 1,010.
