Nickel recovers on fresh demand

MUMBAI: In a limited trade, nickel, zinc, brass utensils scrap and copper sheet cutting prices recovered modestly at the non-ferrous metal market here today on fresh demand from alloy industries.

Meanwhile, copper scrap heavy moved down on reduced offtake from industrial users.

Industrial metals fell at the LME in the early trade on cautiousness about Spain's debt troubles, on hopes that Federal Reserve could offer more stimulus to the US economy helped support demand and limit fall in base metals.

Nickel rose by Rs 10 per kg to Rs 1,100 from Tuesday's closing level of Rs 1,090.

Zinc, brass utensils scrap and copper sheet cutting all inched up by a rupee per kg each to Rs 133, Rs 318 and Rs 464 respectively.

However, copper scrap heavy slipped by Rs 2 per kg to Rs 475 from Rs 477 previously.