Base metal prices rise on global cues

Base metal prices rose by INR2 per kg at the local non-ferrous market today on increased buying by stockists, tracking a firm global trend.

Traders said sentiment bolstered after aluminium rose in global markets on speculation that China will further stimulate the economy and as inventories fell to near a four-year low.

Meanwhile, aluminium for delivery in three months gained USD 11 to USD 1,946 a metric ton on the London Metal Exchange.

In the national capital, aluminium ingots, aluminium sheet cutting, aluminium wire scrap and aluminium utensils scrap were up by INR 2 each to INR 164, INR 165, INR 167 and INR 164 per kg respectively.

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