Base metals prices took a severe beating at the non-ferrous metal market here today on the back of hectic unwinding from stockists and traders, triggered by bearish global sentiment.
On the global front, the industrial metals fell sharply at the LME in early trade reacting to weekend downgrading of the US, fearing that the world's largest economy may be sliding back into recession.
Tin tanked by Rs 50 per kg to Rs 1,355 from last Saturday's closing level of Rs 1,405 and nickel plunged by Rs 15 per kg to Rs 1,185 as compared to Rs 1,200.
Copper cable scrap and copper wire bar both dropped by Rs 6 per kg each to Rs 456 and Rs 484 respectively, as against Rs 462 and Rs 490 last weekend.
Copper scrap heavy moved down by Rs 4 per kg to Rs 448 and copper sheets cutting by Rs 3 per kg to Rs 435. Brass utensils scrap edged down by Rs 2 per kg to Rs 298.
Copper armiture, copper utensils scrap and lead softened by a rupee per kg each to Rs 439, Rs 414 and Rs 117 respectively. While, aluminium utensils scrap looked up to Rs 107 as against Rs 106 previously.