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Ardent Listener
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USA
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 Posted - 02/04/2008 : 19:17:21
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Nickel up, tin prices down on global cues
2 Feb, 2008, 1630 hrs IST, PTI
NEW DELHI: Nickel prices continued to move up by Rs 5 a kg in the non ferrous metal market on Saturday due to strong global cues against better offtake by consuming industries.
On the other hand, copper prices met with resistance and dipped by Rs 2 a kg.
Marketmen said pick up in demand from consuming industries as well as stockists buying on the back of higher London Metal Exchange advices, pushed up nickel price.
However, copper price slipped on selling pressure because of fall in its price at overseas market, they added.
At London Metal Exchange, nickel remained positive and quoted higher by 500 dollar at 27900 a metric tonne.
Copper and tin, however, dipped by $119 and $125 at $7230 and $16850 a metric tonne respectively.
In local market, nickel plate (4x4) (9x9) and (4x24) improved by Rs 5 each to settle at Rs 1,325-1,430, Rs 1,330-1,440 and Rs 1,335-1,450 a kg respectively.
While, copper wire scrap, super d rod, wire bar, mixed scrap and cc rod all dropped by Rs 3 each to trade at Rs 330, Rs 353, Rs 350, Rs 307 and Rs 345 a kg respectively.
Tin ingot also eased by a rupee to quote at Rs 799 a kg on reduced offtake.
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Nickel up, tin down on global cues
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