Base metals remain up on firm global trend

NEW DELHI: Base metals rose further by up to Rs 5 per kg in the local non-ferrous metal market today on increased demand from consuming industries, driven by a firming trend overseas.

Trading sentiments bolstered after copper extended its biggest rally in almost three weeks in global markets on speculation that a strike at Chile's Escondida mine may reduce global supplies, and as the dollar fell amid a political stalemate over raising the US debt ceiling.

Meanwhile, copper for three-month delivery added 0.4 per cent to USD 9,859.75 a tonne, the highest price since July 19, on the London Metal Exchange.

In the national capital, copper wire scrap, copper wire bar, copper mixed scrap strengthened by Rs 2 each to Rs 516, Rs 539 and Rs 499 per kg, respectively.

Nickel (4x4) followed suit and traded higher by Rs 5 to Rs 1,068-1,070, while zinc ingot, lead ingot and lead imported were enquired higher by a rupee each to Rs 130.50, Rs 141 and Rs 144 per kg, respectively.

Following were today's quotations in Rs per kg: Tin ingot 840, zinc ingot 130.50, nickel plate (4x4) 1,068-1,070, gun metal scrap 226 bell metal scrap 228, copper wire scrap 516, copper wire bar 539, copper mixed scrap 499, Utensil scrap 224, Chadripital 175.

Lead ingot 141, lead imported 144, aluminium ingots 112, sheet cutting 113, aluminium wire scrap 112 and aluminium utensils scrap 109.