ET:Copper, lead recover on industrial demand, global cues
NEW DELHI: Supported by a pick-up in industrial demand and a firming trend overseas, copper and lead strengthened on the non-ferrous metals market today with prices rising up to Rs 5 per kg.
However, nickel traded slightly lower for want of buying support.
Marketmen said trading sentiments turned slightly better on the back of pick-up in demand and recovery in copper and other base metals at the London Metal Exchange (LME) as optimism that the Federal Reserve may do more to stimulate the US economy.
Meanwhile, at the LME, copper for three-month delivery rose one per cent to USD 7,723, while lead gained 0.40 per cent to USD 1,979 per tonne.
In the national capital, copper mixed scrap and nickel (4x4) traded Rs 5 higher at Rs 390 per kg, while lead ingot and imported were up by Rs 2 each at Rs 130 and Rs 128 per kg, respectively.
However, nickel shed Rs 2 at Rs 1,056-1,059 per kg, respectively.
The following are metal rates per kg: Zinc ingot 110-116, nickel plate (4x4) 1,056-1,059, gun metal scrap 226, bell metal scrap 228, copper mixed scrap 390, chadri deshi 285.
Lead ingot 1308, lead imported 1286, aluminium ingots 124, sheet cutting 126, aluminium wire scrap 130 and aluminium utensils scrap 125.