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Base metals rise on stockists buying, global cues

NEW DELHI, Feb 10:  Base metal prices rose by Rs 2 per kg at the non-ferrous metal market today on emergence of buying by stockists to meet rising demand from consuming industries at domestic spot market amid a firm trend overseas.
Traders said a firm trend overseas as strengthening prospects of disruptions at the world’s two largest mines threatened to send the market into a global shortage, mainly boosted sentiment here.
Globally, copper for delivery in three months advanced 1.7 per cent to settle at USD 5,895 per tonne at the London Metal Exchange in yesterday’s trade.
Besides, strong demand from consuming industries at domestic spot market supported the upmove in base metal prices, they said.
In the national capital, copper mixed scrap and nickel plate (4×4) rose by Rs 2 each to Rs 359 and Rs 811-816 per kg respectively. Zinc ingot, lead ingot and lead imported were also enquired higher by a similar margin to Rs 106-112, Rs 93 and Rs 99 per kg respectively.
Following are today’s metal rates (in Rs per kg):
Zinc ingot Rs 106-112, Nickel plate (4×4) Rs 811-816, gun metal scrap Rs 227, Bell metal scrap Rs 229, copper mixed scrap Rs 359, chadri deshi Rs 295.
Lead ingot Rs 93, lead imported Rs 99, aluminium ingots Rs 154, aluminium sheet cutting Rs 150, aluminium wire scrap Rs 150 and aluminium utensils scrap Rs 148. (PTI)

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