Nickel strengthens on global cues

NEW DELHI: Nickel prices strengthened by Rs 2 per kg on the local non-ferrous base metals market on Monday largely on a firming global trend. Other base metals moved in a tight range on scattered enquiries and settled around previous levels.

Traders buying activity in nickel picked up after the metal climbed to two years high in global markets on speculation of tighter supplies and prices will rise further in coming months.

Meanwhile, nickel for delivery in three months added 3.7 per cent to $20,650 a tonne, the highest since February 2012 on the London Metal Exchange. In the national capital, nickel (4x4) gained Rs 2 to Rs 1,090-1,091 per kg.

The following were today's metal rates per kg: Zinc ingot 117-123, nickel plate (4x4) 1,090-1,091 gun metal scrap 227, bell metal scrap 229, copper mixed scrap 435, chadri deshi 285.

Lead ingot 126, lead imported 124, aluminium ingots 148, Aluminium sheet cutting 149, aluminium wire scrap 151 and aluminium utensils scrap 148.