Copper, nickel remain up on increased demand, global cues

NEW DELHI: Copper and nickel prices remained higher, gaining another Rs 2 on the local non-ferrous base metals market on increased demand from consuming industries amid a firming global trend.

Traders said besides increased demand from consuming industries, firming global trend where nickel advanced to the highest level in more than two weeks after Indonesia, the world's biggest producer of the metal from mines restricted shipments mainly boosting the sentiment.

Meanwhile, nickel for delivery in three months rose 0.4 per cent to $14,260 a metric tonne, the highest level since December 30, on the London Metal Exchange.

In the national capital, nickel (4x4) and copper mixed scrap advanced by Rs 2 each to Rs 1,084-1,085 and Rs 437 per kg, respectively.