Base metals surge on sustained demand, global cues

MUMBAI: Most of the base metals surged at the non-ferrous metal market here today on sustained stockist buying amidst higher industrial demand on the back of firm London Metal Exchange (LME) cues.

Industrial metals was trading up on a weaker dollar, though investors were cautious ahead of a European Central Bank Meeting to tackle the euro-zone debt crisis.

Copper utensils scrap, copper sheet cutting and brass utensils scraps spurted by Rs 6 per kg each to Rs 443, Rs 464 and Rs 316 from Tuesday's closing level of Rs 437, Rs 458 and Rs 310.

Copper cable scrap, brass sheet cutting, tin and nickel all climbed by Rs 5 per kg each to Rs 484, Rs 328, Rs 1,342 and Rs 1,080 from Rs 479, Rs 323, Rs 1,337 and Rs 1,075.

Copper wire bar advanced by Rs 4 per kg to Rs 511 from Rs 507 previously.

Copper scrap heavy gained by Rs 3 per kg to Rs 474. Copper armiture and aluminium utensils scrap also edged by Rs 2 per kg each to Rs 466 and Rs 114 respectively.