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Re: NYBob post# 16

Friday, 07/20/2007 4:25:49 PM

Friday, July 20, 2007 4:25:49 PM

Post# of 65
Nickel at four weeks high on bullish advice from LME

Mumbai, July 20 (UNI) Nickel cathode today touched a four weeks high even as key ferrous metals also ruled better on sustained heavy industrial demand induced by encouraging advice from London Metal Exchange (LME), traders at the Bombay Metal Exchange said.

In ferrous metal group, copper heavy, copper utensils and brass scrap utensils were up by Rs 300 per quintal each on improved industrial demand in view of lesser stocks.

In non-ferrous metal segment, copper wire bars, zinc slab and lead ingot also went up by Rs 300, Rs 400 and Rs 100 per quintal respectively in sympathy with ferrous metal prices, traders pointed out.

Price of nickel cathode today touched a four weeks high and were quoted at Rs 1600 per kg with a sharp gain by Rs 50 while tin slab also recovered by Rs ten and touched firm at Rs 735 per kg.

Both the prices were strong on fresh speculative demand from local dealers and lesser stocks at the domestic centres. Sellers reserved their stocks in view of strong advice from LME, traders added.

Following are the spot metal prices per quintal: Ferrous metals: Copper heavy - Rs 35,600, Copper utensils - Rs 32,000, Brass utensils - Rs 25,700, Brass cuttings - Rs 27,000 and Aluminium utensils - Rs 11,400.

Non-ferrous metals: Copper wire bars - Rs 38,800, Aluminium ingots - Rs 13,600, Zinc slabs - Rs 18,900, Lead ingots - Rs 11,400, Tin slab - Rs 735 (per kg) and Nickel cathode - Rs 1,600 (per kg).




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