Select base metals decline on lower global cues
PTI | 05:08 PM,Aug 04,2010Mumbai, May 28 (PTI) Tin, zinc, brass and copper sheet cutting declined at the non-ferrous metal market here today on reduced stockist buying amidst lower industrial demand. While, nickel, copper armiture and copper scrap heavy rose on good offtake from consumer industries. Industrial metals continued to trade higher at the LME on expectation of more stimulus from China amidst positive Greek opinion polls reduced fears of the country leaving Euro. Tin dropped by Rs 5 per kg to Rs 1,340 from last Saturday's closing level of Rs 1,345. Copper sheet cutting and brass utensils scrap moved down by Rs 2 per kg each to Rs 465 and Rs 318 from Rs 467 and Rs 320 previously. Brass sheet cutting and zinc also softened by a rupee per kg each to Rs 327 and Rs 132. However, nickel spurted by Rs 5 per kg to Rs 1,105 from last weekend level of Rs 1,100. Copper armiture gained Rs 2 per kg to Rs 472 and Copper scrap heavy inched up by a rupee per kg to Rs 480 respectively.
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