Isra-Mart srl: Base metals strengthen on global cues

www.isramart.com
Base metal prices strengthened by up to Rs 5 per kg in the local non-ferrous metal market today on sustained buying by stockists, triggered a firming global trend.

Traders said buying activity in base metal picked up after copper climbed in global markets on speculations that measures by European policy makers may help contain the region's debt crisis.

Meanwhile, copper for three-month copper gained 2.1% to $7,375 a tonne on the London Metal Exchange.

In the national capital, copper wire scrap, copper wire bar and copper mixed scrap remained in demand and advanced by Rs 2 each to Rs 487, Rs 510 and Rs 472, respectively. Nickel (4x4) followed suit and traded higher by Rs 5 to Rs 1,040-1,042 per kg.

In line with a general firming trend, zinc ingot, lead ingot and lead imported were enquired higher by Rs 2 each to Rs 126.50, Rs 131 and Rs 136 per kg, respectively.