Copper, nickel up on global cues, spot demand

NEW DELHI, June 7: Prices of copper and nickel rose by up to Rs 5 per kg at the non-ferrous metals market today,
Tracking a firm trend overseas amid pick up in demand from consuming industries.
Traders said sentiments turned better after copper rose more than 2 per cent in Shanghai today to a fresh 3-month high, while the metal came within striking distance of its 2018 high in London as concerns over supply disruption in Chile and a weaker dollar index lent support to prices.
Globally, copper for July gained 2.1 per cent to 53,870 yuan (USD 8,435) a tonne, its highest since February 27 on the Shanghai Futures Exchange.
Besides, pick up in demand from consuming industries at domestic spot market, too fulled the uptrend, they said.
In the national capital, copper mixed scrap and nickel plate (4×4) rose by Rs 2 and Rs 5 to Rs 440 and Rs 870-875 per kg respectively. Also copper for delivery in three-month  climbed 0.6 per cent to USD 7,261 a tonne on the London Metal  Exchange.
Following are today’s metal rates (in Rs per kg):
Zinc ingot Rs 140-146, nickel plate (4×4) Rs 870-875,  gun metal scrap Rs 227, bell metal scrap Rs 229, copper mixed  scrap Rs 440, chadri deshi Rs 295.
Lead ingot Rs 141, lead imported Rs 148, aluminium ingots Rs 168, aluminium sheet cutting Rs 164, aluminium wire scrap Rs 164 and aluminium utensils scrap Rs 162. (PTI)


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