Ferrous, non-ferrous metals decline

Ferrous and non-ferrous metals heavily declined today on sustained heavy selling pressure by industrial users, traders at the Bombay Metal Exchange (BME) said.

In ferrous metals, copper heavy and aluminium utensils crashed by Rs 700 per quintal each following low buying support by bulk consumers. Similarly, brass utensils and brass cutting plummeted by Rs 400 and Rs 100 per quintal respectively, amid sluggish demand by bulk consumers.

However, copper utensils remained unchanged for the second consecutive day today, traders said.

In non-ferrous metals, copper wire bars and aluminium ingot, which remained steady yesterday, tumbled by Rs 800 and Rs 300 per quintal respectively, on poor offtake by stockists.

Tin slab and nickel cathode also became cheaper by Rs five and Rs 15 per kg respectively, as traders were keen to sell their stocks, traders added. Meanwhile, zinc slab and lead ingot remained flat on moderate demand by stockists.

Following were the spot metal prices per quintal: Ferrous metals: copper heavy - Rs 21,000, copper utensils - Rs 19,500, brass utensils - Rs 15,500, brass cuttings - Rs 16,200 and aluminium utensils - Rs 8,200.

Non-ferrous metals: copper wire bars - Rs 24,000, aluminium ingots - Rs 10,000, zinc slab - Rs 7,100, lead ingots - Rs 8,000, tin slab - Rs 810 per kg and nickel cathode - Rs 705 per kg.

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