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Base metals strengthen on global cues

PTI reported that base metals prices rose up to INR 2 per kilogram in the local nonferrous metal market on fresh buying by stockists influenced by a firming trend at the London Metal Exchange.

Trade sentiments turned better after copper rebounded in London and expectations that it may advance as investors remained optimistic about this year's outlook for demand. Meanwhile, for three month delivery of copper traded at USD 9,539 while nickel rose 0.5% to USD 26,350 per tonne on the London Metal Exchange.

In the national capital, copper wire crap, copper wire bar and copper mixed scrap gained INR 2 each to INR 500, INR 523 and INR 484 respectively. Nickel (4x4) followed suit and traded higher by the same margin to INR 1047 to 1049 per kilogram. Zinc ingot, lead ingot and lead imported were also enquired higher by INR one each to INR 127.50, 134 and INR 136 per kilogram respectively.

Following were today's quotations per kilogram:

Tin ingot 838, zinc ingot 127.50, nickel plate (4x4) 1,047 to 1,049, gun metal scrap 226 bell metal scrap 228, copper wire scrap 500, copper wire bar 523, copper mixed scrap 484, Utensil scrap 224, Chadripital 175. Lead ingot 133, lead imported 135, aluminum ingots 102, sheet cutting 105, aluminum wire scrap 102 and aluminum utensils scrap 102.

(Sourced from Press Trust of India)