Select base metals strengthen on global cues

New Delhi, Sep 13 (PTI) Select base metals strengthened by Rs 2 per kg at the non-ferrous metals market Thursday largely on firm trend overseas.

Traders said sentiment bolstered after Shanghai copper prices rose sharply to a near two-week high on Thursday after a US official said Washington had invited Beijing to restart talks aimed at resolving their trade disputes.

The US and China have so far imposed tariffs on USD 50 billion of each other's goods in a spat that has left the market concerned for industrial metals demand.

Globally, the most-traded November copper on the Shanghai Futures Exchange rose by 2.1 percent to 48,560 yuan (USD 7,098.17) a tonne, its highest since August 21.

Also, three-month copper on the London Metal Exchange gained 0.1 percent to USD 6,004 a tonne, after hitting its highest in more than a week in the previous session, when it closed up 2.4 percent.

In the national capital, copper mixed scrap and nickel plate (4x4) advanced by Rs 2 each to Rs 447 and Rs 937-939 per kg, respectively.

Zing ingot, lead ingot and lead imported also traded higher by a similar margin to Rs 143-149, Rs 150 and Rs 157 per kg, respectively.

Following are today's metal rates (in Rs per kg):

Zinc ingot Rs 143-149, nickel plate (4x4) Rs 937-939, gun metal scrap Rs 227, bell metal scrap Rs 229, copper mixed scrap Rs 447, chadri deshi Rs 295.

Lead ingot Rs 150, lead imported Rs 157, aluminum ingots Rs 170, aluminum sheet cutting Rs 166, aluminum wire scrap Rs 166 and aluminum utensils scrap Rs 164.