Nickel strengthens on global cues

NEW DELHI: Nickel prices moved up by Rs 5 per quintal on the local non-ferrous base metals market today on increased demand from consuming industries amid a firm global trend.

Traders attributed the rise in nickel to increased demand from consuming industries amid a firm trend in nickel on global markets on concern that supplies will decline from Indonesia as the biggest producer of mined metal was set to start a ban on mineral-ore exports next month.

Meanwhile, nickel for delivery in three months advanced 0.4 per cent to 14,475 dollar a metric tonne, the highest price since November 4 On the London Metal Exchange.

In the national capital, nickel (4x4) rose by Rs 5 to Rs 1,070-1,071 per kg.

The following are today's metal rates per kg: Zinc ingot 109-115, nickel plate (4x4) 1,070-1,071 gun metal scrap 227, bell metal scrap 229, copper mixed scrap 429,chadri deshi 285.

Lead ingot 138,lead imported 136, aluminium ingots 150, Aluminium sheet cutting 151, aluminium wire scrap 153 and aluminium utensils scrap 150.