Nickel surges on global cues

MUMBAI: The rising trend in nickel remained unabated at the non-ferrous metal market here today due to strong demand from stockists and traders. The move was also supported by the higher trend at the London Metal Exchange (LME), where the metal rallied to a 22-month high.

Elsewhere, tin, brass, lead, aluminium, copper utensils and copper sheets cutting also firmed on increased demand from industrial users.

Meanwhile, select copper prices eased owing to reduced offtake from consumer industries.

Nickel hardened further by Rs 20 per kilo to Rs 1,235 from overnight closing level of Rs 1,215 and tin rose by Rs 10 per kilo to Rs 970 as against Rs 960 yesterday.

Brass utensils scrap moved up by Rs 2 per kilo to Rs 264 from Rs 262 previously.

Lead, aluminium utensils scrap, copper utensils scrap, copper sheets cutting and brass sheets cutting, all inched up by a rupee per kilo each to Rs 155, Rs 101, Rs 350, Rs 367 and Rs 272, respectively.

However, copper cable scrap, copper scrap heavy, copper armiture and copper wire bar, all softened by a rupee per kilo each to Rs 381, Rs 375, Rs 370 and Rs 409, respectively.