Nickel, aluminium up on increased demand, global cues

NEW DELHI: Nickel and aluminium showed some strength on the local non-ferrous metal market on Wednesday with prices rising by Rs 2 per kg on increased demand from consuming industries amid a firming global trend.

Sentiment turned better after aluminium rose to a one-week high in overseas markets amid speculation that an improving US economy will drive prices higher, prompting Chinese users to place orders.

Meanwhile, aluminium climbed 0.4 per cent to $ 1,989 a tonne on the London Metal Exchange.

In the national capital, nickel (4x4) rose by Rs 2 to Rs 1,065-1,068 per kg. Aluminium ingot, sheet cutting, aluminium wire scrap and aluminium utensils were also traded higher by Rs 2 each to Rs 142, Rs 143, Rs 146 and Rs 142 per kg respectively.

The following are metal rates per kg: Zinc ingot 121-127, nickel plate (4x4) 1,065-1,068, gun metal scrap 227, bell metal scrap 229, copper mixed scrap 440, chadri deshi 285.

Lead ingot 147, lead imported 145, aluminium ingots 142, sheet cutting 143, aluminium wire scrap 146 and aluminium utensils scrap 142.