Base metals rise, following global trend
Copper and other base metals prices rose up to Rs 10 per kg in the local non-ferrous metal market today on emergence of buying by stockists, triggered by firming global trend.business Updated: Sep 13, 2010 16:37 IST
Copper and other base metals prices rose up to Rs 10 per kg in the local non-ferrous metal market today on emergence of buying by stockists, triggered by firming global trend.
Increased offtake by consuming industries also bolstered the trading sentiment.
Trading sentiment turned bullish as copper climbed in London after China's industrial output grew at a faster-pace
-than-expected, boosting optimism that demand would expand in the world’s largest metals user.
Meanwhile, copper rose by 1.7 per cent to USD 7,610, zinc by 2.6 per cent to USD 2,165 and nickel by 1.9 per cent to USD
21,850 a metric tone on the London Metal Exchange.
Traders said besides firming global trend, pick up in demand from consuming industries mainly led to a rise in
base metal prices. In the national capital, copper wire scrap, copper wire bar and copper mixed scrap were up by Rs 5 each to Rs 396, Rs 415 and Rs 376 per kg, respectively.
Zinc ingot, lead ingot and lead imported also traded higher by the similar margin at Rs 125.50, Rs 129 and Rs 131
In line with a general firming trend, nickel (4x4) surged by Rs 10 to Rs 925-929 per kg.