Base Metals Recover on Global Cues
Source: Business Standard (5/18/11)
"Industrial metals rebounded from Tuesday's losses, supported by weakening dollar coupled with improved demand from China."
Base metals prices recovered at the non-ferrous metal market today due to a fresh off-take driven by a firming trend at the London Metal Exchange (LME).
In overseas trade, industrial metals rebounded from Tuesday's losses on the LME supported by weakening dollar coupled with improved demand from China.
Nickel spurted by Rs 10 per kg to Rs 1,270 from its overnight closing level of Rs 1,260 and tin rose by Rs 8 per kg to Rs 1,523 as against Rs 1,515 previously.
Copper armiture and copper sheets cutting both firmed up by Rs 4 per kg each to Rs 444 and Rs 436, respectively, as compared to Rs 440 and Rs 432 yesterday.
Copper cable scrap, copper scrap heavy and copper wire bar, all moved up by Rs 2 per kg each to Rs 461, Rs 451 and Rs 489, respectively.
Copper utensils scrap and brass utensils scrap also inched up by a rupee per kg each to Rs 422 and Rs 305. However, zinc prices softened to settle at Rs 123 as against Rs 124 previously.