Nickel prices recover on renewed demand

MUMBAI: Nickel prices recovered smartly at the non-ferrous metal market here today on buying by stockists amidst renewed demand from alloy industries.

Elsewhere, select copper, brass, zinc and lead prices gained further on sustained offtake from industrial users.

On the global front, the industrial metal copper rallied three per cent in early Asian trade as markets reopened after a long weekend, with traders banking on further supportive steps from China to shore up consumer demand.

Nickel and copper armiture climbed by Rs 5 per kg each to Rs 1,015 and Rs 445 from last Saturday's closing level of Rs 1,010 and Rs 440, respectively.

Copper sheet cutting rose by Rs 3 per kg to Rs 435 from Rs 432.

Copper scrap heavy and lead moved up by Rs 2 per kg each to Rs 453 and Rs 138 from Rs 432 and Rs 136.

Brass utensils scrap, brass sheet cutting and zinc inched up by a Re per kg to Rs 319, Rs 328 and Rs 193, respectively.