Monday, November 29, 1999

Base metals rebound on positive global cues

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New Delhi, June 16 (PTI) Base metals prices led by copper rebounded upto Rs 5 per kg in the local non-ferrous metals market today on emergence of buying sparked by a firming trend overseas. Trading sentiment boosted after copper advanced at the London Metal Exchange, after US economic reports signalled the economic recovery is on track. Meanwhile, copper for three-month gained 1.4 per cent to a two-week high of USD 6,770, nickel by 0.8 per cent to USD 20,380 and lead by 0.9 per cent to USD 1,775 a metric tonne on the London Metal Exchange. Traders said besides, firming trend in base metals at the London Metal Exchange, fresh buying by traders mainly led to a rise in base metal prices. In the national capital, copper wire scrap, copper wire bar and copper mixed scrap enquired higher by Rs 3 each to Rs 360, Rs 379 and Rs 339, while nickel (4x4) traded higher by the same margin at Rs 879-993 per kg. Lead ingot, lead imported and zinc ingot also traded higher by a rupee each at Rs 118, Rs 121 and Rs 121 per kg. Following were today''s quotations in Rs per kg: Tin ingot 795, zinc ingot 121.00, nickel plate (4x4) 879-993, gun metal scrap 226 bell metal scrap 228, copper wire scrap 360, copper wire bar 379, copper mixed scrap 339.00, utensil scrap 224, Chadripital 175. Lead ingot 118, lead imported 121, aluminium ingots 102, sheet cutting 103, aluminium wire scrap 100 and aluminium utensils scrap 100.

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