Base metals advance on heavy demand

MUMBAI: Led by nickel and tin, most of the base metals prices advanced at the non-ferrous metal market today on consistent stockist buying amidst heavy demand from industrial users despite bearish London Metal Exchange (LME) cues.

The industrial metals slipped at the LME, from near one- month highs as traders booked profits given the metal's weak fundamental outlook, after a lukewarm US labour report.

Copper sheet cutting shot-up by Rs 7 per kg to Rs 482 from Tuesday's closing level of Rs 475.

Nickel and tin climbed by Rs 5 per kg each to Rs 1,025 and Rs 1,590 from Rs 1,025 and Rs 1,585, respectively.

Copper scrap heavy and brass utensils scrap moved-up by Rs 2 per kg each to Rs 493 and Rs 344 from Rs 491 and Rs 342.

Copper cable scrap, copper armature, copper wire bar, brass sheet cutting, and zinc inched-up a rupee per kg each to Rs 500, Rs 483, Rs 528, Rs 354 and Rs 161, respectively.

However, copper utensils scrap and aluminium utensils scrap softened by Re 1 per kg each to Rs 456 and Rs 123.