Copper firms up on good demand, global cues

MUMBAI: Copper prices firmed up further at the non-ferrous metal market here today on good stockist buying amidst sustained industrial demand on the back higher London Metal Exchange (LME) cues.

Meanwhile, tin, nickel, select brass and aluminium declined due to subdued demand from alloy industries.

The industrial metals rallied at the LME after the US Federal Reserve reassured investors of its commitment to loose monetary policy.

Copper scrap heavy climbed by Rs 3 per kg to Rs 486 from Tuesday's closing level of Rs 483.

Copper armiture, copper utensil scrap and copper sheet cutting gained by Rs 2 per kg each to Rs 473, Rs 452 and Rs 469 from Rs 471, Rs 450 and Rs 467.

Copper cable scrap, copper wire bar and brass utensil scrap also edged-up by a rupee per kg each to Rs 493, Rs 521 and Rs 325.

However, nickel and tin dropped by Rs 5 per kg each to Rs 1,065 and Rs 1,420 from overnight close of Rs 1,070 and Rs 1,425.

Brass sheet cutting and aluminium utensils scrap both moved down by Rs 2 per kg each Rs 335 and Rs 114 from Rs 337 and Rs 116 yesterday.