Nickel strengthens; tin, copper recover on good demand

Nickel prices strengthened further at the non-ferrous metal market in Mumbai on Friday on sustained buying by stockists amidst rising demand from alloy industries. Elsewhere, tin and select copper recovered on renewed offtake from consuming industries.

Globally, the industrial metal copper was trading steady in early trade, but was on target for its biggest weekly loss since early October, as consumer demand faded and investor activity dwindled ahead of US Thanksgiving next week.

Nickel climbed by Rs 9 per kg to Rs 1,127 from Thursday's closing level of Rs 1,118. Tin rose by Rs 3 per kg to Rs 1,478 from Rs 1,475. Copper scrap heavy moved up by Rs 2 per kg to Rs 474 from Rs 472.
Copper utensils scrap and copper sheet cutting inched up by a Re per kg each to Rs 429 and Rs 453, respectively.

However, copper armiture softened by a Re per kg to Rs 456.